CHARLOTTE, NC— Atlanta-headquartered ARA, the largest privately-held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry announced the sale of Fountains Southend located in Charlotte, NC.
Charlotte, NC-based Proffit Dixon Partners, a multifamily investment and development firm with a focus on the development of Class-A apartment communities in North Carolina, South Carolina, and Tennessee, was represented by ARA’s Carolinas team of Dean Smith, Blake Okland, John Heimburger and Sean Wood.
Located on 4.7 acres located adjacent to the New Bern Light Rail Station in Charlotte’s historic South End, Fountains Southend is the market’s first luxury transit-oriented development that is also NAHB Green Certified. Developed by Proffit Dixon Partners, the asset, which is located on a former brownfield, features the first of its kind “Transit Lobby” which allows its residents to relax in a fully equipped lounge that includes a coffee-bar, flat screen televisions and WiFi. Residents are able to see on-coming trains via two live camera televisions in the lobby in advance of their arrival. Residents exit the lounge directly on to the rail platform.
The newly delivered asset includes 208 luxury units along with a host of high-end tenant amenities including a rooftop terrace, salt-water lap-pool, Holo Screen, fitness center with yoga studio, two dog runs and a dog spa wash station.
“Lease-up of this asset was very fast and at rents that exceeded pro-forma which is really a testament to the quality of the asset and its location”, said ARA’s Dean Smith. He added, “This was a true win-win for the seller and for the buyer, who assumed substantial lease up risk on this pre-sale opportunity.”
Fountains Southend was acquired by Aventura, FL-based Trade Street Residential, Inc. and was 100% leased at the time of sale.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com,404.990.4900 or Amy Morris at amorris@ARAusa.com, 404.990.4902; locally, Cassandra Rusnak, at rusnak@ARAusa.com or 704-926-4441.
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, visit www.arausa.com.