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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
- ◦Sale/Acquisition
