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 Berkshires on Providence, a 473-unit class B, garden and townhome style community located in the affluent submarket of South Charlotte on Providence Road, one of Charlotte’s most heavily traveled thoroughfares.
The ARA Carolinas team of Dean Smith, Blake Okland, Sean Wood and John Heimburger represented the seller, an affiliate of Boston, MA-based Berkshire Group, a real estate investment management company, which as of September 30, 2014, had approximately $5.7 billion in assets under management.
The property was acquired by Charlotte, North Carolina-based Levine Properties, an equity-based commercial real estate firm dedicated to creating long-term quality real estate assets. Levine Properties is a vertically integrated company executing land and building development, acquisition and disposition services, asset management, property management and leasing. Levine specializes in multi-generational investments in the office, retail, industrial, and multifamily sectors as well as build-to-suit assignments.
Berkshires on Providence, one of the largest multifamily communities in Charlotte, is located on 66 acres of land in an unparalleled location with outstanding demographics. Within a three mile radius average household income and median single family home values are $96,400 and $280,156, respectively. Home values in select surrounding single family neighborhoods soar as high as $2.5 million. The employment hub of SouthPark, with it’s 40,000 employees is only 2.5 miles from the property, while the Charlotte CBD which includes 100,000 employees is just 15 minutes from the property via Providence Road.
The garden and townhome style unit mix offers residents one-, two-, three- and four-bedroom units. The varied floorplan offering markets well to a diverse resident base and sets the property apart from all direct competitors as well as virtually all other multifamily properties in the Charlotte market.
Berkshires on Providence was built in 1969 and was receiving upgrades to units as they turned. Community amenities include two swimming pools, two tennis courts, a business center, children’s play area, clubhouse and laundry center.
The property was 97% leased 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.
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 has resulted in an annual production volume of more than $10.2 billion in real estate transactions in 2013. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com.