Arch Companies Sells Carolinas, Jacksonville Multifamily Portfolio for $199M
Arch Companies has completed the $199-million sale of 1,993 multifamily units across six properties in NC, SC and Jacksonville, FL.
Arch was represented JLL and Furman Capital Advisors, the investment division of NAI Earle Furman and NAI Hallmark. The JLL team was led by Jeffrey Julien and Roberto Casas and supported by Vic Ciancetta, Bill Weber, Bill Shippen and Denise Fansler. The NAI team was led by Kay Hill, Bern Dupree and John Rutherford.
The properties were improved through a value-add strategy involving $15.5 million in capital expenditures that has led to an 11% rent premium for renovated units.
The properties in the sale include:
The Arlington, a 294-unit multifamily property in Winston-Salem
The Arcadian, a 285-unit multifamily property in Winston-Salem
The Charleston, a 234-unit multifamily property in Winston-Salem
The Abner, a 312-unit multifamily property in Spartanburg
Riverbank, a 692-unit multifamily property in Jacksonville
Midtown Oaks, a 176-unit multifamily property in Jacksonville
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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