CORNELIUS, 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 One Norman Square, a 192-unit apartment community located in the Charlotte MSA, and only minutes from the popular Lake Norman, in Cornelius, NC.
ARA Charlotte, NC-based Principal Blake Okland and Dean Smith represented Nashville, TN based Carter-Haston Real Estate Services, a real estate asset and property management firm.
One Norman Square was acquired by Ramsey, NJ-based The Raia Properties, a real estate investment management and development firm focusing on institutional quality assets. Their current portfolio of 2,600 apartments consists of class A multi-family properties located in North Carolina, South Carolina, Arkansas, Texas and Colorado.
Constructed in 1992, the asset was 95% occupied at the time of the sale.
According to ARA’s Blake Okland “One Norman Square represents an attractive discount-to-replacement-cost in one of Charlotte’s strongest growth markets. The property was well received by the market and new ownership is sure to benefit from the exciting growth prospect expected from the entire MSA.”
The acquisition was financed through ARA’s debt platform, ARA Finance, and was funded through Fannie Mae.
One Norman Square consists of one, two and three bedroom units and offers tenants a complete amenity package including a brand new resort-style salt water pool, tennis courts, a 24-hour fitness center, car care center, business center, walking trails and gated on-site boat parking.
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, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, Cassandra Rusnak, rusnak@ARAusa.com, 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 has resulted in average annual production volume of $5.4 billion in real estate transactions since 2004. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com.