California real investment firm buys Midtown Arlington apartment community

Posted Tuesday, Jul. 16, 2013  comments  Print Reprints

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Midtown Arlington, the 66-unit student apartment community near the University of Texas at Arlington, has been sold to Shore to Shore Properties, a real estate investment firm in Sausalito, Calif.

Midtown Arlington, at Abram Street and Davis Drive, was sold as part of portfolio sale that included Midtown Denton, a 120-unit student apartment complex near the University of North Texas. The properties were sold by Hammond Jones Real Estate Development Group in Austin.

Hammond Jones bought 3.3 acres near the UTA campus in March 2010 for Midtown Arlington, which opened in 2011.

The four-story complex was opposed by nearby residents who said the development would destroy the character of their neighborhood. Since then, a second apartment community was built just to the east of Midtown Arlington and another development is planned for across Abram Street, also nearby.

The two-property portfolio was marketed to a “very limited investor list,” said Chris Epp, a broker with Apartment Realty Advisors National Student Group, which represented Hammond Jones. “The seller preferred to take [a] rifle approach in order to streamline the sales process, and in doing so, created a hybrid scenario that yielded an off-market, yet highly competitive bidding environment.”

The two Midtown communities are “substantially leased” for the 2013-2014 school year, ARA said.

Brokers Epp, Chris Bancroft, Meredith Wolff and Bart Wickard with ARA represented the seller.

Sandra Baker, 817-390-7727 Twitter: @SandraBakerFWST

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