ARA Brokers Sale of Apts. to Private Investor
- Jun 21, 2010
College Station, Texas–Atlanta-headquartered ARA arranged the sale of the 237-unit Polo Club Apartments here. At the time of closing, Polo Club was 99 percent occupied.
On behalf of ARA’s Secondary Markets team based in Austin, Texas, Kelly Witherspoon and Jeff Patterson represented the seller, California-based Sandstone Investments. A local private investor purchased the property for an undisclosed price. “The buyer is very familiar with College Station and its fundamentals, already owning several properties in the market,” says Witherspoon. “Polo Club will continue to provide operating efficiencies for the new owner, with minimal capital improvements needed on the property due to the previous owner’s continued preservation of the asset.”
“The Bryan-College Station MSA continues to be a highly sought after investment market for prospective buyers looking to own near one of the largest universities in the country,” adds Witherspoon. “Although there has been an increased level of apartment construction within the past couple of academic years, most properties have leased-up well and are now stabilized. The University continues to set enrollment records and has ongoing campus construction projects exceeding $800 million.”
Polo Club is located at 700 Dominik Drive in College Station, TX, near the Texas A&M campus, and in close proximity to major employers, retailers, shopping and entertainment venues. Built in 1972, the property offers spacious one-, two- and three-bedroom units averaging 817 square feet. Unit amenities include patio/balcony, spacious walk-in closets, tile floors, ceiling fans, fully equipped kitchens with gas cooking appliances, high speed Ethernet and basic extended cable.