DURHAM, 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 Alexan Place at South Square, a 508-unit apartment community located in North Carolina’s Triangle city of Durham.
ARA Carolinas-based Principal Blake Okland and Dean Smith, and brokers, Sean Wood and John Heimburger, represented an undisclosed seller.
Alexan Place at South Square (now known as Alden Place at South Square) was acquired by New York City-based Rambleside Real Estate Capital, the real estate arm of private investment firm Rambleside Holdings LLC. Rambleside Real Estate has a flexible mandate to own and invest in any type of real estate business or property, across the entire capital structure. Rambleside Real Estate’s principals are Gregory Cohen and Matthew Cohen, who own several thousand multihousing units and have executed over $200 million of property transactions since June 2012.
Constructed in 2001 and 2005, Alexan Place at South Square serves a very unique demographic in the Triangle market. Located just five minutes from the Duke University/Duke Medical Center pocket, the tenant base is made up largely of graduate students, fellows and Duke University and Duke Medical Center professional employees who require immediate access to the university and the hospital.
“Alexan Place at South Square is a true niche property that is not only notable due to its size but also because of its tremendously stable tenant base that allowed the achievement of above market rents and stable 12-month leases,” said ARA’s Blake Okland. He added, “Not surprisingly, investor interest in this asset was very strong.”
Occupancy averaged 93% annually 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, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, Cassandra Rusnak, rusnak@ARAusa.com, 704.379.1987. To contact the buyer, please email Matthew Cohen at mlcohen@ramblesidere.com
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