Hammond Jones Sells 650-Bed Portfolio

AUSTIN-Developer Hammond Jones Real Estate has disposed of the 650-bed Midtown portfolio consisting of Midtown Arlington (which serves the University of Texas at Arlington) and Midtown Denton (near the University of North Texas). Following a low-key marketing period, the local seller selected Sausalito, CA-based Shore to Shore Properties as the buyer.

According to Chris Epp with Apartment Realty Advisors’ National Student Housing team, the seller opted for a limited marketing effort, rather than a full-scale national blast. “They don’t want to be known solely as merchant builders who build then sell,” comments Epp who with ARA colleagues Chris Bancroft, Meredith Wolff and Bart Wickard, represented the seller. “They’re opportunistic sellers; when it makes sense to sell, they come to groups like us and ask if we can talk to the top three or four potential buyers to see if they’re interested.”