CHARLOTTE, NC - Atlanta-headquartered ARA, the largest privately-held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, is pleased to announce the sale of The Arboretum Apartments, a 277-unit mulithousing community located in the desirable South Charlotte submarket and within walking distance to shopping, dining and entertainment.
The seller, Denver, Colorado based, Simpson Housing, is a fully integrated real estate firm providing services in multifamily and commercial property management, development and construction. Established in 1948, Simpson Housing builds and operates high quality, residential communities throughout the United States and continues to expand their geographic footprint.
The seller was represented by the ARA Carolinas team of Blake Okland, Dean Smith, John Heimburger and Sean Wood.
The 27-acre site with multiple access points along the corner of one of the most highly traveled Charlotte intersections (nearly 80,000 cars per day) makes this location a rare find in infill Charlotte. According to ARA Principal Dean Smith, “Arboretum has long been considered one of the premier locations in the Charlotte MSA with incredible walkability to a wide array of neighboring amenities and a low density site plan that cannot be replicated today.”
The property was acquired by Arboretum Apartments Charlotte, LLC. an affiliate of The Connor Group.
The 1989 constructed garden-style, three-story walk-up community with nine-foot ceilings was acquired for $32,250,000 or $116,426 per unit.
Occupancy at the time of the sale was 98%.
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 ARA PR contact, 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.