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Tuesday, January 06, 2009 Multi-Family
Englewood, Colo.-based Archstone-Smith Operating Trust sold the 379-unit Arbor Vista Apartments in El Paso to locally-based Cash Investments. Built in 1973 and renovated in 2000, the complex is located at 7900 Viscount Blvd. and was 94 percent occupied at the time of sale. Jeff Patterson and Kelly Witherspoon of ARA's Secondary Markets Team represented Archstone-Smith. The sale represents the team's third transaction in the El Paso market in 2007. The team also represented Briarwood Trust, a California-based private investor, in the sale of the 408-unit Briarwood Apartments in College Station. The property sold to West Springfield, Mass.-based Aspen Square Management. Built in 1972 and renovated in 2000, the apartment complex is located one mile from the Texas A&M University campus at 1201 Harvey Rd. The property, which was 98 percent occupied at the time of sale, represents the second multi-family sale in College Station between the two companies. The third deal involved the sale of the 400-unit Waterford Place at Mount Zion in Stockbridge, Ga., to St. Germaine, Wis.-based Eliason Inc. for $33.25 million. ARA's Derrick Bloom, Sean Henry, Richard Bell and John Weber represented the seller, Denver-based Simpson Housing. The property is located at 3196 Mount Zion Rd. and was constructed in two phases in 1996 and 2000. It contains a unit mix of one, two and three-bedroom apartments. Address: Arbor Vista Apartments at 7900 Viscount Blvd., El Paso, Texas - Briarwood Apartments at 1201 Harvey Rd., College Station, Texas - Waterford at Mount Zion at 3196 Mount Zion Rd., Stockbridge, Ga. Size: 1,187 total units Built: 1973,1972 and 1996 Filed Under: Multi-Family E-mail this article to a friend | Printer friendly format| DIGG this| Post to del.icio.us Comments on this article
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