Plano, TX — Atlanta-headquartered ARA, the largest privately held, full-service investment advisoryfirm in the nation focusing on the multihousing industry, is pleased to announce the sale of Cornerstone Ranch and Laurel Ridge, a 368-unit multi-family portfolio located in the affluent Dallas suburb of Plano, TX. American Communities, headquartered in Plano, was selected as the buyer.
The Dallas-based ARA brokerage team of Brian Murphy, Brian O’Boyle, Sr., and Brian O’Boyle, Jr. led the off-market sale of the portfolio, which traded at an undisclosed price, on behalf of the joint venture between New York City-based Dome Equities, LLC and Houston, TX-based Mosaic Residential, Inc. At time of sale, the properties enjoyed occupancy rates of over 90%.
Both properties were built in 1976. Within a two-mile radius of each asset, average household income is about $100,000 annually. The communities feed into the highly-rated Plano Independent School District.
“American Communities has a great track record of closing severalwith us in the past, and they really wanted to have a presence in the Plano submarket,” stated Murphy. “The properties are well-located and will be repositioned with a light value-add component.”
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, Brian Murphy at brian.murphy@ARAusa.comor Robyn Randall at email@example.com 972.934.3400.
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, visitwww.arausa.com.