ARA BROKERS THREE APARTMENT COMMUNITY SALES

VICTORIA, BROWNWOOD AND COLLEGE STATION, TEXAS — Atlanta-based Apartment Realty Advisors (ARA) has completed the sales of three Texas multifamily communities. In Victoria, ARA brokered the sale of Towne Park Apartments, a 168-unit property located at 2107 N. Ben Jordan St. The community was 97 percent occupied at the time of closing. Property amenities include a swimming pool, a clubhouse, two tennis courts, laundry facilities and barbecue grills. Jeff Patterson and Jon Boone of ARA’s Austin, Texas, office represented the buyer, a private, Houston-based investor. The seller, a group of California-based investors, was represented by Ron Mazzola of San Diego-based Ron Mazzola Realty.
In Brownwood, Patterson and Boone represented a locally based investor in the sale of Wayside Apartments, an 80-unit community located at 2001 Brady Ave. Fully occupied at the time of closing, the community includes a swimming pool, covered parking, 48 self-storage units, three laundry facilities and 24-hour maintenance. The property was acquired by a Mansfield, Texas-based investment group, which provided in-house representation in the transaction.
Finally, in College Station, Patterson and Kelly Witherspoon of ARA’s Austin office represented a California-based seller in the disposition of Cedar Creek Condominiums, a 67-unit property located at 1000 University East near the campus of Texas A&M University. Amenities at the community, which was 95 percent occupied at the time of closing, include a swimming pool and covered parking. Second floor units include vaulted ceilings, and each unit contains a fireplace, as well as a washer and dryer. The property was acquired by a local, undisclosed investor, which represented itself in-house. The acquisition prices in all three transactions were undisclosed.