MORRISVILLE, 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 The Waterford, a 300-unit apartment community located in Morrisville, NC.
ARA Charlotte, NC-based Principal Dean Smith represented Centerville, OH-based The Connor Group, an owner and operator of more than 16,000 multifamily units in five states, in the transaction.
The Waterford was acquired by SG Waterford – Morrisville, LLC, an Atlanta, GA-based private equity company for $28,500,000.
ARA’s Dean Smith characterized the sale as a ‘light value add play’ adding, “Demand for well located assets with solid value-add potential such as The Waterford has spiked among both renters and investors and we anticipate that this is the start of a trend of heightened demand for this product type in this market going forward. The Waterford was well positioned to capitalize on this demand due to its superior location and strong demographics.
The Waterford is comprised of one-, two- and three-bedroom floor plans and offers tenants an extensive amenities package including detached garages, car care center, exercise facilities, and sand volleyball court.
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 Morris at amorris@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 $5.5 billion in real estate transactions since 2005. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com