ARA Brokers $35M Sale On Behalf of DRA Advisors
- Jan 30, 2010
Charlotte, N.C.—Apartment Realty Advisors (ARA) brokered the $35 million sale of Tyvola Centre Apartments, a 404-unit property located in the southwest submarket of Charlotte, N.C.
ARA Charlotte-based principals represented the seller, a fund managed by DRA Advisors LLC. DRA is a registered investment advisor specializing in real estate investment and management services and it is sponsored by Bell Partners. The Class A community was acquired by Philadelphia-based Switzenbaum & Associates.
According to Blake Okland, principal, “The buyer acquired the property at a discount to replacement cost and plans to continue the history of steady rent growth and high occupancy by implementing a moderate upgrade program.”
Tyvola Centre Apartments is comprised of a combination of one-, two- and three-bedroom apartment homes.