2010-06-21 16:12:59 -
College Station, TX (June 21, 2010) — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently arranged the sale of the 237-unit Polo Club Apartments in College Station, TX.
On behalf of ARA’s Secondary Markets team based in Austin, TX, Kelly Witherspoon and Jeff Patterson represented the seller, California-based Sandstone Investments. A local private investor purchased the property for an undisclosed price. “The buyer is very familiar with College Station and its fundamentals, already owning several properties in the market,” said Witherspoon. “Polo Club will continue to provide operating efficiencies for the new owner, with minimal capital improvements needed on the property due to the previous owner’s continued
preservation of the asset.”
“The Bryan-College Station MSA continues to be a highly sought after investment market for prospective buyers looking to own near one of the largest universities in the country,” added Witherspoon. “Although there has been an increased level of apartment construction within the past couple of academic years, most properties have leased-up well and are now stabilized. The University continues to set enrollment records and has ongoing campus construction projects exceeding $800 million.”
Polo Club is located at 700 Dominik Drive in College Station, TX, near the Texas A&M campus, and in close proximity to major employers, retailers, shopping and entertainment venues. Built in 1972, the property offers spacious one-, two- and three-bedroom units averaging 817 square feet. Unit amenities include patio/balcony, spacious walk-in closets, tile floors, ceiling fans, fully equipped kitchens with gas cooking appliances, high speed Ethernet and basic extended cable.
At the time of closing, Polo Club was 99% occupied.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Amy Holland at
aholland@ARAusa.com or (404) 495-7300; locally, Patty Roberts at
roberts@ARAusa.com or (512) 637-1295.
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 $6.3 billion in real estate transactions since 2003. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com.
