HOUSTON, TX — Atlanta-headquartered ARA, the largest privately held, full-service investment advisoryfirm in the nation focusing exclusively on the multihousing industry, announces the closing of the Inland Portfolio; a sales transaction consisting of 14 strong performing, multihousing assets located across the US.
Oakbrook, IL-headquartered Inland America, one of the nation's largest commercial real estate and finance groups, was represented in the sale by ARA principal and broker, David Oelfke, who brokered the sale of the assets located in Texas and Kentucky. Oelfke teamed up with David Burnett of Sperry Van Ness, on the sale of the Oklahoma City assets.
The Inland Portfolio consisted of 4,371 units in 14 properties, most of which are located in Houston, Texas. The remaining properties are located in Oklahoma City, Oklahoma; San Antonio, Texas;, Texas; and Louisville, Kentucky.
According to ARA’s Oelfke, “Inland America made a strategic decision to transition from investing in conventional apartments to investing in student housing properties. The timing for selling the portfolio could not have been better; attractive pricing and the demand for multifamily developments is incredible. Inland plans to reinvest their proceeds of the sale into multi-tenant retail, student housing, and retail properties.”
The Inland Portfolio was acquired by Charleston, SC-based Greystar, a national property management, investment and development company, whose investment strategy is to acquire assets with strong existing cash flow at values below replacement cost. Additionally, each of the portfolio assets are located in markets experiencing profound employment growth and population growth. All properties in the portfolio are Class A assets offering the opportunity for upgrading interiors and community amenities.
Oelfke commented on how advantageous the sale is for the companies, “Both Inland and Greystar are first class organizations and this transaction was accretive to both of them. Inland had made strategic investments in the downturn between 2008 and 2011 and had a great basis in the properties and Greystar has a great infrastructure to implement a value-add strategy on the portfolio. It’s a great win for both groups.”
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, 404.990.4900 or Amy Morris at amorris@ARAusa.com, 404.990.4902; locally, Yvonne Sarmiento at sarmiento@ARAusa.com or 713.425.5407.
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 resulted in an annual production volume of $9.5 billion in real estate transactions in 2012. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com.