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.
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.
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.
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.
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.
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.
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.