Valencia, CA (March 7, 2011) — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announces the sale of The Vistas of West Hills ("The Vistas") in Valencia, CA. BRE Properties, Inc. has acquired the 220-unit Class A asset for $56.5 million. The Seller was LNR Property LLC, the project's developer. The Vistas was 77% occupied at the close of escrow. ARA Pacific principals John McCulloch and Curtis Gardner had the listing and served as exclusive advisors.
Superbly located in the West Hills master plan area – Valencia's final phase – The Vistas represents the first multifamily project delivered in this high barrier to entry market since 2007. The Vistas opened for leasing in 2009. Constructed on nearly nine acres and designed by Architects Orange, the type-V garden style community features distinctive Spanish colonial architecture and was built to the highest quality standards. The one, two and three bedroom homes average 1,005 rentable square feet.
According to ARA's John McCulloch, "The Vistas garnered robust interest from both institutional and private capital, creating a competitive bid landscape. It's a dynamic submarket that exhibits all the criteria that core investors are drawn to. The developer delivered an exceptional product to match, and thus the overall appeal of the asset."
Ken O'Neill, Vice President of LNR's Commercial Property Group stated "ARA did an outstanding job of anticipating and managing a very competitive bid process. We are very pleased with the outcome, particularly the pleasure of awarding The Vistas to such an experienced and professional operator as BRE".
The acquisition of The Vistas provides BRE with a complement to its existing Valencia portfolio, which is comprised of Bridgeport Coast and Pinnacle at Westridge.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country's top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA's unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in average annual production volume of $5.5 billion in real estate transactions since 2005. For detailed information on ARA's extensive multihousing investment services, visit www.arausa.com.
About LNR Property, LLC
Headquartered in Newport Beach, Calif., LNR's Commercial Property Group operates as the real estate development and investment division for the company. LNR Property LLC is a private company with its corporate headquarters located in Miami Beach, Florida.
LNR is an industry leader specialized in master planning and development of commercial properties and is invested in large commercial developments and redevelopment projects that range in size from $10 million to more than $100 million. Supported by 8 offices across the United States, LNR has been responsible for the successful development, redevelopment and repositioning of more than 1,000 properties in 33 states during the last 15 years. LNR's expertise extends to a range of property types including office, industrial, retail, apartments, hotels, land and military base reuse. Additional information on LNR's Commercial Property Group can be found on the Internet at www.LNRCPG.com
About BRE Properties, Inc.
BRE Properties, based in San Francisco, Calif., owns and manages apartment communities convenient to its residents' work, shopping, entertainment and transit in supply-constrained Western U.S. markets. BRE directly owns and operates 75 apartment communities totaling 21,318 units in California, Arizona and Washington. The company invests in communities through acquisition and development, and currently has six properties in various stages of development and construction, totaling 1,742 units, and joint-venture interests in 13 additional apartment communities, totaling 4,080 units. BRE Properties is a real estate investment trust (REIT) listed in the S&P MidCap 400 Index. For more information on BRE Properties, please visit our website at www.breproperties.com. (Property data as of 12/31/10)