CHESAPEAKE, VA - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry announced today that its Mid-Atlantic office brokered the sale of Adalay Bay, a 240-unit Class “A” community, located in Chesapeake, Virginia.
ARA Mid-Atlantic partners Mike Marshall, Drew White and Ryan Ogden represented the seller Archon Group, L.P., in the sale of the asset to MAA, a REIT based in Memphis, TN.
“Adalay Bay is a top performing asset in its submarket and is situated in one of the premier locations in the Hampton Roads market. The property provides an outstanding opportunity for MAA to add to their existing Virginia portfolio,” said ARA Mid-Atlantic partner Mike Marshall.
The community was built in 2002 and was voted best of Chesapeake soon thereafter due to its extensive amenities package and high end finishes.
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, Seth Potack, at spotack@ARAusa.com or 703.575.2156.
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