CHARLOTTE, NC — 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 Cielo, a 205-unit, class “A+” community located in the Montford area in Charlotte, NC between other high-end multifamily submarkets known as South End, and SouthPark.
ARA Charlotte-based Principals, Blake Okland and Dean Smith, along with brokers, John Heimburger and Sean Wood represented the seller, Cornerstone Real Estate Advisers LLC, a Hartford, CT-based global real estate investment company, in the transaction.
Constructed in 2010, and comprised of one, two, and three-bedroom unit apartments, Cielo is a high-end, mid-rise community and the only one of its kind located in the Montford pocket, one of Charlotte’s emerging neighborhoods.
The buyer, Weinstein Properties, purchased the community for $41.5 million, representing a price per unit of just over $202,400. Weinstein is a privately held, Glen Allen, VA-based owner and manager of over 14,000 multi-family units throughout Virginia and North Carolina and according to Blake Okland, “this was the first mid-rise deal they had done in Charlotte and one of the highest prices ever paid for a multi-family property in the Charlotte market.” Blake added, “the nature of development in Charlotte right now is dominated by infill, transit oriented mid-rise and high-rise product making this deal another in a long line of high-end trades. We expect to see pricing continue to aggressively climb above $200,000 per unit as the luxury rental market is demonstrating substantial depth.”
Cielo was 94% 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.
About Cornerstone Real Estate Advisers LLC
Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., UK, Europe, and Asia, is one of the world’s largest real estate investment managers. It provides core and value‐added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group.More information is at www.cornerstoneadvisers.com.