DALLAS, TX — Atlanta-headquartered ARA, the largest privately-held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, is pleased to announce the sale of McCallum Glen and The Courts of McCallum, a 419-unit multi-family portfolio located near the University of Texas at Dallas campus and in close proximity to major local thoroughfares, Coit Road and Highway 190, also known as the President George Bush Turnpike.
Jason Busboom of Busboom Group, now headquartered in Dallas, TX, was selected as the buyer. Said Busboom, “We're very excited to complete our first acquisition in Dallas, and we hope to keep doing business in Texas for many years to come as we transition our assets from Colorado.”
The Dallas-based ARA brokerage team of Brian Murphy, Richard Furr, and Brian O’Boyle, Jr. led the exclusive marketing effort for the portfolio, which traded at an undisclosed price, on behalf of Newport News, VA-headquartered seller Chandler Management Corporation. At time of sale, the properties enjoyed an average occupancy rate of 96.7%.
McCallum Glen was constructed in 1985, and The Courts of McCallum was completed in 1984. The communities feed into the well-respected Plano and Richardson Independent School Districts and are close to major employment centers, retail opportunities, and higher education facilities.
“These are two well-located Class ‘B’ assets near Coit and 190 which are poised for continued growth with moderate interior upgrades,” stated Murphy. “Busboom Group is a first-time buyer in the Dallas area who is looking to do more Metroplex deals in the future.”
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at [email protected], 404.990.4900 or Amy Morris at [email protected], 404.990.4902; locally, Brian Murphy at [email protected]or Robyn Randall at [email protected]or 972.934.3400.
About ARA
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.