RALEIGH, 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 Highlands at Brier Creek , a 350-unit Class-A apartment community located in the affluent Brier Creek planned residential community, in Raleigh, NC.
ARA Charlotte, NC-based brokers Blake Okland, Dean Smith and Sean Wood represented Boca Raton, Florida based, The Altman Companies, one of the nation's premier luxury apartment developers and managers.
The community was acquired by Birmingham, AL-based Colonial Properties Trust for $45 million or $128,571 per unit. The Birmingham, AL-based REIT, which owns and/or manages 34,369 apartment units and 13.3 million square feet of commercial space, has renamed the property Colonial Grand at Brier Falls.
According to ARA’s Okland, “The Raleigh/Durham apartment market is one of the top target markets for investment in the US. With nearly 7,500 units absorbed over the last 2 years in the face of the slowest delivery pipeline since before the dot.com bust, the market has reached a ten-year high in occupancy for stabilized product.. Properties built between 2006 and 2010 have fared the best of any stabilized age group with 7.2% annualized same-store rent growth over the last 6 months and 5-7% annual growth projected for the next 2 years. This transaction represents an attractive going in yield and an opportunity to participate in one of Raleigh’s strongest growth markets. The property was well received by the market and new ownership is sure to benefit from the exciting growth prospect expected from the entire MSA.”
The community was built in 2008 and was 94 percent occupied at the time of acquisition. The community is located in Raleigh’s premier Brier Creek master planned community and features spacious floor plans, upgraded kitchen appliances, designer cabinetry and countertops, a cabana with grilling area and a cascading waterfall surrounding the pool.
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