ARA BROKERS TWO MULTIFAMILY SALES TOTALING 885 UNITS
HOUSTON — Atlanta-based Apartment Realty Advisors (ARA) has brokered the sales of two Houston apartment communities totaling 885 units. City West Apartments is a 510-unit community located at the intersection of Westheimer and Hayes Road in the city’s Westchase submarket. The property comprises 26 three-story buildings and an office/clubhouse building on 23.75 acres. The transaction also included a 1-acre land parcel valued at $1.5 to $2 million. David Mitchell, David Oelfke, David Wylie and Matt Rotan of ARA’s Houston office represented the seller, New York-based Sentinel Real Estate Corp. The buyer, Chicago-based TVO Realty, plans to complete interior upgrades to the units in an effort to increase rents.
The second property, The Lofts at the Ballpark, is a 375-unit community located downtown near Minute Maid Ballpark. The luxury community features two resort-style swimming pools with sundecks, a cinema room with stadium seating, a fitness center, gated garage parking, and a business center that includes a conference room, an Internet café and a coffee bar. The same Houston ARA team represented Sentinel Real Estate Corp. in the sale to Englewood, Colo.-based Archstone-Smith. The acquisition prices in both transactions were undisclosed.