UNION CITY, GA - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multi-housing industry, announced the sale of the 314-unit Cardinal Portfolio comprised of four REO communities located in the south Atlanta cities of Union City, Lithonia and Jonesboro, GA
ARA Atlanta, GA-based associate Chad DeFoor and Bo Moore and ARA principals Bill Shippen and John Weber represented Atlanta, GA-based Trimont Real Estate Advisors, a leading real estate assets services firm, in the $5.1 million sale.
The portfolio was acquired by New York-based Elon Management, a full-service multifamily property management firm with a $1-billion portfolio consisting of 250 apartment communities located across 17 U.S. markets.
The portfolio sale offered a unique investment opportunity to acquire four well-built, well-located properties with an instant income stream and embedded operational economies of scale due to the close proximity of the properties and the construction type.
The portfolio, so named due to the unique construction type, is comprised of 12’ x 24’ modular construction, with single-story walk-in units that are energy efficient and all electric. This construction type was appealing to Elon Management, who continues to acquire both value-add as well as conventional multifamily product.
According to ARA’s Chad DeFoor, “The recently foreclosed properties represented an opportunity for Elon Management to purchase four cash flowing properties at an attractive basis in a market with rising effective rents.”
Constructed between 1984 and 1987, the portfolio had an average occupancy of 95% 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 lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366.
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 multi-housing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multi-housing 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