Sale is Indicative of Growing Demand for Quality Product in Tertiary Markets
Greensboro, NC (August, 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 Brassfield Park, a 336-unit Class A community located in Greensboro, NC.
ARA Charlotte, NC- based principals Dean Smith and Blake Okland represented Atlanta, GA-based The Shoptaw Group, a real estate investment group, in the transaction.
Constructed in 1997 and comprising one-, two- and three-bedroom floor plans, the community's 'main and main' location and superior amenities package positioned it as the 'best in show' mulithousng community in the Greensboro market.
The community traded for $22.8 million or $67,857 a unit. Investor interest was extremely high as evidenced by the number of bids on the property – 35 in total following a 45-day marketing period.
Occupancy at the time of the sale was 96%.
According to ARA's Charlotte, NC-based principal Dean Smith, "This sale demonstrates that investors can achieve more yield on a high quality asset in a tertiary market where the competitive landscape on cap rates is not as heated."
Smith added, "Unlike so many other deals that are 'capital-starved', this community was well cared for; having recently been completely reroofed and repainted which preserves the buyer's return and mitigates the need for substantial capital investment for deferred maintenance."
The community was acquired by Greensboro, NC-based Bell Partners who financed the acquisition with Freddie Mac debt through ARA's recently launched debt platform, ARA Finance.
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
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, 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.
About ARA Finance
ARA Finance provides a full range of multifamily debt placement services and financing solutions to owners of conventional, affordable, land, manufactured, seniors, and student housing.