Buyer Realty Appreciation of Arlington, TX bested 10 others to win the 160-unit prize at 2801 OW Curry Dr., a 6.6-acre tract with 10 class A buildings and a clubhouse. "It was a good transaction for the buyer and the seller," Don Ostroff, director for the Cushman & Wakefield of Texas Inc.'s multi-housing investment team, tells GlobeSt.com of First Worthing's sale of a property it developed seven years ago. The all-cash transaction closed at a 9% cap rate, he says.
The Arbors of Killeen is a "no concessions" complex with an average monthly rent of $740 plus electric and water. The unit mix of one-, two- and three-bedrooms averages 768 sf. The new owner has hired First Worthing's leasing and management staff for the 98%-occupied property, a favored landing ground for the town's military and civilian professionals.
Ostroff says the property is considered "premium" in the market, with the holding positioned across the freeway from the town's only mall and nestled in a primary growth corridor. The complex, he emphasizes, "is the best apartment property in town between the quality, amenities, location and long history of high occupancy at no concessions." In addition to Ostroff, the C&W team working the deal included Will Balthrope, director, and Susie Kakos.
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