Charlotte, NC (August 16, 2010) — 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 the 426-unit Addison Park apartment community located in Charlotte, NC.
ARA Charlotte, NC- based principals, Blake Okland and Dean Smith represented institutional advisor and Chicago, Il-based Henderson Global Investors North America, Inc. in the sale of the asset.
Originally developed in 1999 by Fairfield Development, long-term investment holder Henderson Global, engaged ARA to market the community to coincide with the conclusion of their hold period for the asset.
Interest in the asset was strong among potential investors who recognized that the acquisition represented a good opportunity to buy as growth in future property income would be fueled by Charlotte's economic recovery.
According to ARA principal Blake Okland, "This is the first institutional investment opportunity to be broadly marketed in Charlotte in 18 months. The consummation of the sale is testimony to the strong underlying fundamentals that remain in Charlotte despite the market slowdown and it is illustrative of the fact that Charlotte's broad-based economy is recovering as evidenced by the property's rebounding traffic patterns and increased leasing velocity."
The asset competes very favorably with the market's newest and most contemporary product due to its wide variety of floor plans, modern amenities package and other unique property characteristics that include tuck-under garages. Additionally, Addison Park is located within minutes of a regional mall and is equidistant to both I-77 and I-85 which provides residents with efficient accessibility to every major employment node in the Charlotte MSA.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, please contact Lisa Robinson at lrobinson@ARAusa.com or 678.553.9360, or Amy Holland at aholland@arausa.com or 678.553.9366.
About ARA
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, distressed, affordable, seniors, student, manufactured housing, note sales 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 $6.3 billion in real estate transactions since 2003. For detailed information on ARA's extensive multihousing investment services, visit www.arausa.com.