Continental Realty Advisors Closes Sale of Over 1,400 Apartment Units in Four Markets
May 06, 2019 16:16 ET | Source: Continental Realty Advisors
DENVER, May 06, 2019 (GLOBE NEWSWIRE) — Continental Realty Advisors (CRA), a Denver-based owner of multifamily communities nationwide, has announced the sale of four apartment properties in excess of 1,400 units. The properties span four different housing markets including Phoenix, Las Vegas, Memphis and Dallas. CRA implemented renovation programs to the properties’ common areas, amenities, and unit interiors. The total sale price of these four assets was in excess of $200 million, which represents a substantial gain to CRA investors over the average hold period of three-and-a-half years.
“Over the past two to five years of owning these well-positioned properties, we have focused on our intrinsic goal of providing a quality experience for residents and enhancing the value of the asset for our investors,” said David Snyder, Chairman of CRA. “The successful disposition of these apartment communities is a reflection of advanced market research and a solid business plan by our asset-management team.”
Sold in March 2019, the 368-unit Courtney Village Apartments in Phoenix is conveniently located near the Loop 202 close to Papago Park, a local landmark of 1,500+ acres that features a large and developing business and economic employment center, the Phoenix Zoo, Desert Botanical Garden and a wide array of recreational facilities. The property’s central location – with nearly 500,000 jobs within a 15-minute commute of the property – and direct transportation access helped maintain high occupancy rates. Constructed in 2002, the property was originally acquired by CRA in partnership with HQ Capital in June 2016 and was managed for two-and-a-half years by Greystar Property Management.
CRA sold three additional properties in December 2018, including the 400-unit Tesoro Ranch Apartments in Henderson, Nevada, a suburb of Las Vegas. Constructed in 2007, Tesoro Ranch is adjacent to the $1.4 billion Union Village Integrated Health Village development along Boulder Highway. Union Village is expected to create several thousand new healthcare-related jobs by 2025, further fueling the demand for rental homes in the area. Tesoro Ranch, acquired by CRA in partnership with The Roxborough Group in November 2015, was managed by Greystar Property Management for three years of ownership.
“Since 2016, CRA has acquired 1,657 units in the Las Vegas market. Tesoro Ranch is a great example of successful ongoing investment in the region,” said Adam Holt, Las Vegas Acquisitions Lead for CRA.
CRA also sold The Preserve at Southwind Apartments, a 306-unit community in Germantown, a suburb of Memphis, TN. Built in 2000, The Preserve at Southwind is strategically located one mile south of the FedEx World Headquarters, one of the most notable corporate addresses in Memphis. Acquired by CRA in December 2014, the sale of The Preserve at Southwind was brokered by Blake Pera of Newmark Knight Frank in Memphis.
The sale of Riverhill Apartments, located in Grand Prairie, Texas, in the Dallas-Fort Worth area, also closed in December 2018. Constructed in 1995, the 334-unit property is about three miles south of the Dallas Cowboys’ AT&T Stadium. The sale of Riverhill was brokered by Greg Toro of HFF in Dallas.
“CRA remains an active investor in multifamily properties nationwide, and we continue to look for opportunities to acquire additional assets within select locations of opportunistic markets.” said Robert Ireland, Director of Acquisitions for CRA.
About Continental Realty Advisors:
Continental Realty Advisors (“CRA”), an owner, asset manager, and institutional fund sponsor, was founded in 1981 and has solely focused on investment in the multifamily segment of real estate. CRA is an institutional fund investor and has conducted over $1.4 billion in multifamily transactions since 2011. The company expects to acquire over $1 billion in assets over the next several years. CRA is currently acquiring multi-family assets on a nationwide basis. For more information on the company’s market focus and acquisition criteria, please visit CRA’s website: www.continentalrealtyadvisors.com.