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Oct. 31, 2012

ARA Sells 300-Unit Community in North Carolina

By Jessica Fiur, News Editor

Charlotte, N.C.—ARA, an Atlanta-based investment advisory brokerage firm, recently announced the sale of Ashford Green, a 300-unit community in Charlotte, N.C.

Ashford Green is a garden-style community built in 1995, one of the few garden properties in the Charlotte market with retail integration. The community is conveniently located near I-85, as well as from the future ending point of the LYNX blue line northeast extension on UNC-C campus, which allows light-rail access to the CBD, Charlotte’s “NoDa” arts district and other neighborhoods. Ashford Green is also located near the Paradise Valley golf course.

ARA Carolinas-based principal Dean Smith served as lead broker on the deal and worked closely with Blake Okland, principal, as well as brokers, Sean Wood and John Heimburger. The team represented the seller, Sillman Enterprises, a private Detroit, Mich.-based investor who currently owns other multi-housing assets in the Carolinas, on the deal.

The Connor Group, an Ohio-based real estate investment group with multi-housing properties throughout Georgia, Texas, North Carolina and Ohio, was selected as the buyer and purchased the property for $26.8 million.

At the time of the sale, Ashford Green was 97 percent occupied.