Charlotte, NC(September 9, 2013) — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announces the sale of Arbor Trace, a 384-unit, class ‘B’ community located in the Southwestern submarket of Charlotte, NC.
ARA Charlotte-based Principals, Dean Smith and Blake Okland, along with brokers, John Heimburger and Sean Wood represented the seller, Biltmark Corporation, a Wilmington, NC-based title and development company, in the transaction.
A joint venture owned by Alex. Brown Realty, Inc., a national real estate investment manager headquartered in Baltimore, Maryland and Chartwell Holdings, a Charleston, SC-based multi-family real estate investment and management firm that currently owns and operates over 4,500 units throughout the Southeast, acquired the property. They purchased the property for $23,750,000, representing a price per unit of just under $62,000. According to Dean Smith, “they were able to acquire a solid asset in a growing submarket while taking advantage of a lower price per unit in exchange for debt assumption.” The joint venture plans to complete approximately $950,000 in exterior and interior capital improvements at the property.
Dean added, “The Southwest Charlotte submarket continues to show substantial rent growth fueled by a large and rapidly growing employment base. Investors in this submarket should see continued operational upside as this area of Charlotte continues to mature.”
Constructed in 2003, and comprised of one and two-bedroom unit apartments, Arbor Trace is located along Stone Arbor Way convenient to I-77, I-485 and South Tryon Street. The property was 97% occupied at the time of the sale.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at [email protected], 404.990.4900 or Amy Morris at [email protected], 404.990.4902; locally, Meghan Darst, at [email protected] or 704.379.1987.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace resulted in an annual production volume of $9.5 billion in real estate transactions in 2012. For detailed information on ARA’s extensive multihousing investment services, visitwww.arausa.com.