TODAY’S DEALS: ARA Reps Sale of Newly Delivered Charlotte TOD Apartment
Charlotte, N.C.—ARA has closed the sale of Fountains Southend, a newly completed Class A apartment community in Charlotte, N.C. The asset is located on 4.7 acres adjacent to the New Bern Light Rail Station, and is the market’s first luxury TOD that is also NAHB Green Certified. The developer and seller was Proffit Dixon Partners.
A unique aspect of Fountains Southend is its “transit lobby,” which allows residents to hang out in a fully equipped lounge (with a coffee-bar, flat screens and WiFi) while waiting for the train. Two live camera feeds show when the next train will arrive, and residents exit the lounge directly onto the rail platform.
In addition to its 208 units, the community features a rooftop terrace, salt-water lap-pool, fitness center with yoga studio, two dog runs and a dog wash station. The property was 100 percent leased at the time of sale.
“Lease-up of this asset was very fast and at rents that exceeded pro-forma which is really a testament to the quality of the asset and its location,” says ARA’s Dean Smith. He added, “This was a true win-win for the seller and for the buyer, who assumed substantial lease up risk on this pre-sale opportunity.”
Equus Capital sells a Nashville apartment for $47M
Nashville, Tenn.—Equus Capital Partners Ltd. (formerly BPG Properties) has completed its disposition of Madison Ridgelake, a 560-unit apartment community located in Nashville. Arenda Capital Management acquired the asset for $47 million.
“Nashville’s compelling market fundamentals and renter demographics combined with Madison Ridgelake’s history of consistent rent growth resulted in an extraordinary level of investor interest for this well located community,” says Greg Curci, vice president at Equus.
Jones Lang LaSalle represented Equus Capital Partners in the sale of the 98 percent leased asset. Amenities at Madison Ridgelake include indoor and outdoor pools, a fitness center, two indoor racquetball courts, tennis courts, volleyball courts and a dog park.