Arch Cos. Sells 6 Communities for $199M

2 min read

The properties total nearly 2,000 units in the Carolinas and Florida.

The Arlington. Image courtesy of Arch Cos.

National real estate owner, operator and developer Arch Cos. has sold a six-property portfolio encompassing 1,963 units, situated in the Carolinas and Florida, for $199 million.

Arch Cos. spent more than $15.5 million in capital expenditures over the past two years, renovating 60 percent of the units.

Portfolio Breakdown

The Arlington

Located at 3411 Old Vineyard Road in Winston-Salem, N.C., The Arlington is a 294-unit apartment community featuring two- and three-bedroom floorplans. Units include abundant cabinet space, large kitchens, private patios and balconies and washer-dryer connections. Among the property’s more notable amenities is a swimming pool.

The Arcadian

Situated at 1805 Franciscan Drive in Winston-Salem, The Arcadian is a 285-unit property. One-, two- and three-bedroom apartments are featured. Units include balcony access, washer-dryer connections and wireless Internet connectivity. A fitness center represents one of the community’s prominent common-area amenities.

The Charleston

With an address at 1010 Oak Grove Road in Winston-Salem, The Charleston is a 234-unit multifamily property. One-, two- and three-bedroom units are offered. Features and finishes of units include central air conditioning. Amenities include a playground.

The Abner

Sited at 408 Abner Road in Spartanburg, S.C., The Abner is a 312-apartment property. The community features one- through three-bedroom residences with walk-in closets, air conditioning, breakfast bars, high-speed Internet and balconies or patios. A pair of lighted sports courts are prominent amenities of the apartment community.

Riverbank

Located at 1591 Lane Avenue South in Jacksonville, Fla., Riverbank is a 692-unit multifamily property. The community includes one- to three-bedroom apartments with disposals, large pantries, new countertops and vertical blinds. Prominent among the property’s common-area amenities are jogging and walking trails.

Midtown Oaks

Situated at 1706 Art Museum Drive in Jacksonville, Midtown Oaks Apartments is a 176-unit community. One- and two-bedroom apartments are offered. Features and finishes of units include ceiling fans, hardwood floors, walk-in closets, window coverings and black appliances. Leading amenities include a picnic area.

In a prepared statement, Arch officials attributed the sale to the success of its large-scale investment in strategic urban markets across the Southeast U.S., where it has accumulated a total of approximately 5,000 apartments.

Last month, Summit broke ground on a new apartment community in Jacksonville.

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