Apartment Realty Advisors (ARA) Brokers Sale of Benchmark Apartments in Waco, TX
Partners Developed Property While Students at Baylor University in 2001
Waco, TX (October 13, 2008) — Atlanta-headquartered Apartment Realty Advisors (ARA), the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announced the sale of Benchmark Apartments in Waco, Texas.
ARA’s Dallas, TX-based Mike Girard and Jordan Cortez represented the seller, a Dallas, TX-based partnership, in the sale of the ‘condo-quality’ development that comprises just 15 units but features average unit sizes of 1,225 square feet.
Located within walking distance of Baylor University’s campus, Benchmark was 100% occupied at the time of the sale. Constructed in 2001, the property features a private and gated courtyard and off-street parking. The apartments are fully appointed with full size washer/dryer hookups and all the modern conveniences. Additionally, many of the apartments are spacious two-story lofts.
The buyer, an investor from North Dallas, assumed the property’s existing debt.
According to ARA’s Mike Girard, “Aaron Graft and Trevor McNeill, of Triumph Land & Capital Management, LLC, are hard working entrepreneurs who built Benchmark Apartments while attending Baylor University in 2001. The partners planned and expanded their real estate focus and honed their expertise as one deal led to another. With changing times came a bigger focus.” Girard continued, “Benchmark just no longer fit within their larger real estate strategy.”
To schedule an interview with an ARA executive regarding this transaction or for more information about Apartment Realty Advisors, please contact Lisa Robinson, lrobinson@ARAusa.com or Amy Holland, aholland@ARAusa.com , 404-495-7300.
About Apartment Realty Advisors (ARA)
Atlanta-headquartered Apartment Realty Advisors (ARA) is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage of multihousing properties including conventional, affordable, seniors, student 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 $7.7 billion in real estate transactions in 2007. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com