VIRGINIA BEACH, VA - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announces the sale of Bridgewater on the Lake and Lake Ridge Apartments, located in Hampton, Virginia, and Reserves at Arboretum, located nearby in Newport News, Virginia. The three apartment communities have a total of 641 units.
ARA Mid-Atlantic-based Principals Mike Marshall and Drew White; and Richmond-based Broker, Wink Ewing represented the seller, Berkshire Property Advisors in this transaction. The property was acquired by Ginkgo Residential, a large owner and manager of apartment homes throughout the Mid-Atlantic and Southeastern United States based in Charlotte.
Bridgewater on the Lake and Lake Ridge Apartments are neighboring communities situated less than 1 mile from more than 1.4 million square feet of retail, dining and entertainment space at the Peninsula Town Center and Power Plant section of Hampton. Located less than 10 miles away are the Reserves at Arboretum, which are also only minutes from the heart of Newport News. These three communities are in close proximity to major employers such as Langley/NASA, and Jefferson Labs, one of the largest modeling and simulation facilities in the U.S. According to Mike Marshall, “Ginkgo has acquired three of the top performing assets in the submarket and should do very well in achieving strong returns and executing their business plan to add value.”
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, Mike Marshall at mmarshall@ARAusa.com or 703.575.2152, Wink Ewing at ewing@ARAusa.com or 703.575.2157, or Drew White at white@ARAusa.com or 703.575.2151.
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.