Amstar Sells Another Class A Multifamily Development
Denver, CO (November 24, 2014) – Amstar announced today the sale of Arthouse, a Class A 187-unit mixed-use apartment property with 26,500 square-feet of ground floor retail located in Keller, Texas. The buyer and sale price were not disclosed. Ryan Reid of CBRE represented the seller in this transaction.
Amstar, in partnership with Southern Land Company, completed construction of the five-story property in 2008. Today, Arthouse is 100% leased and commands the highest rents in the market. Residents are drawn to Arthouse because of the high quality unit finishes, state of the art community amenities, and convenient access to retail including a Tom Thumb grocery store, Starbucks, Chik-Fil-A, fine restaurants, bike shops, and much more. On site, residents are able to enjoy a resort-style saltwater pool and spa, fire pit, outdoor kitchen, fitness center, and billiards room, in addition to 11 retail tenants promoting the active lifestyle in Keller. Ranked as the 7th best place to live in Texas for young families, Keller will continue to attract new residents who can call Arthouse home.
“The completion and sale of Arthouse is a good example of Amstar’s multifamily development strategy and patient investment philosophy. We developed a highly coveted Class A property, stabilized it through a proactive marketing and leasing campaign and sold it at a time when an abundance of capital was targeting the Dallas Fort-Worth property market,” said Amstar Vice President Bobby Ghiselli.
Established in 1987 and headquartered in Denver, Colorado, Amstar is a real estate investment manager that acquires, develops and manages office, multifamily, retail, hotel and industrial properties in select U.S. and international markets. Originally formed to invest and manage the real estate allocation of a large family office client, Amstar began expanding its capital strategy nearly a decade ago and has grown to more than $2.5 billion in assets under management (as of September 30, 2014). Today, Amstar is proud to provide a high degree of focus and attention to its client relationships, counting among them leaders in the private and institutional investment community. Amstar’s clients originate from across the globe and include U.S. and European institutions, insurance companies, private banks, funds of funds, and other family offices. For more information, visit www.amstar.com.
About Southern Land Company
Southern Land Company builds quality communities that enhance the lives of our residents across the U.S. With a comprehensive set of services that span the entire development lifecycle, we deliver distinctive settings where people want to live, work and shop. By upholding stringent standards for single-family and multifamily developments, we create projects with long-term viability that our investors, residents, employees and partners can rely on. Founded in 1986, we are headquartered in Nashville, Tennessee and have executed more than 20 residential and mixed-use developments in key U.S. markets. For more information and to see our current projects, please visit www.southernland.com