REBusinessOnline

TWO ABILENE COMMUNITIES SELL

ABILENE — ARA, a full-service multifamily investment advisory brokerage firm, has brokered the sale of two Abilene communities for Bridge Partners to an undisclosed buyer. The 256-unit Indian Run, built in 1981 at 3549 Cedar Run Rd., is a Class B multifamily property that was 96 percent occupied at the time of sale. The second property, Stonegate Apartments, is comprised of 136 units and was constructed in the early 1980s as well. It was rehabbed and repositioned, which pushed its occupancy rate to 90 percent at the time of sale. Bart Wickard and Brian O'Boyle, Jr., of ARA's Dallas office represented Bridge Partners, the seller, in the transactions.

“These properties fit the center of the buyer's strategy to own well-constructed, well-located assets in fundamentally sound secondary Texas markets,” said Wickard. “The Indian Run and Stonegate properties are prime examples of 1980s vintage well-performing product that fit well into existing investment portfolios.”

Content Partners
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‣ Lee & Associates
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‣ NAI Global
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‣ Walker & Dunlop

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