In March, Real Estate Alert reported that New York-based BGC Partners, the parent company of brokerage firm Newmark Grubb, was in talks to buy Atlanta-based Apartment Realty Advisors (ARA). Since then media reports have remained quiet on the subject of a potential ARA sale, but the industry rumor mill has remained active.
As we await word on the future of ARA, competitors have scooped up a number of employees over the past couple months (though the brokerage sector of the industry traditionally has fluid pipeline of employees moving back and forth between the major players). ARA declined provide comment for this article.
In early May, Institutional Property Advisors (IPA), a division of Calabasas, Calif.,-based Marcus & Millichap that serves institutional and major private investors, announced that the entire New England team of Apartment Realty Advisors (ARA) would be joining the firm as part of its new Boston platform.
Former ARA Boston Principal Richard P. Robinson now leads IPA Boston as executive director. His ARA team, including IPA Associate Directors Philip Lamere, Jennifer Athas, and Brendan Reilly, Financial Analyst James Chang, and Marketing Coordinator Kaitlyn Fox, joined him.
In March, Matt Pohl, a former investment sales broker at ARA, was hired by Pittsburgh-based HFF’s director in its Austin office to focus on multifamily investment sales transactions in central Texas.
In early May, former ARA Principal Jeff Patterson joined Stream Realty Partners, a Dallas-based full-service real estate investment, development, and services company. In a release, the company said that Patterson helps it “launch a national platform that catapults the company into the multifamily sector.” Patterson will be based in Orange County while also building out new multifamily-specific teams in other locations nationwide.
Stream Realty’s new platform will vertically service multifamily clients from acquisition to disposition, including property, construction, and asset management. In the past the company had focused “heavily on leasing and property management, with a growing investment sales business.”