DEAL OF THE DAY: ARA Arranges Sales of Properties Worth $13.45M and $28.5M
- Feb 22, 2008
By Anuradha Kher, Online News EditorFederal Way, Wash., Atlanta–Apartment Realty Advisors (ARA), the privately held, full-service investment advisory brokerage firm headquartered in Atlanta, has arranged the sale of Silver Shadow apartments in Federal Way, Wash. for $13,450,000, as well as the 269-unit multifamily community, The Stratford, located in Atlanta for $28.5 million.Silver Shadow apartments, located at 27606 Pacific Highway South, is a garden-style complex built in 1989. It consists of 11 two- and three- story buildings with 44 one-bedroom units, 72 two-bedroom units and 16 three-bedroom units. Building amenities include a clubhouse, heated indoor pool, spa and exercise room. “The multifamily market may have slowed down in the rest of the country, but remains strong in the Pacific Northwest,” says Jim Claeys, ARA’s Pacific Northwest regional vice president.The Stratford is a 269-unit property that features a variety of one- and two-bedroom units and amenities including a pool, jacuzzi, billiards room, fitness center, grill areas, secured underground parking and an on-site business center. The property was approximately 90 percent occupied at the time of the sale.The Connor Group bought the property from Dallas-based Invesco Real Estate. It is located in the city of Sandy Springs near Roswell Road, Interstate 285 and Georgia 400.