Luxury Multifamily Asset Changes Hands in NC
- Jul 26, 2017
ARA Newmark completed the sale of Autumn Woods, a 236-unit luxury apartment community in Carrboro, N.C. The Connor Group, a Dayton-based real estate investment firm, sold the asset to The Milestone Group, a private real estate investment management company based in Manhattan and Dallas.
Located at 222 Old Fayetteville Road, Autumn Woods is in close proximity of the University of North Carolina at Chapel Hill, N.C. The property offers a mix of five plans of one-, two- and three-bedrooms, all with washer and dryer. Developed in 1997, the property has been updated with faux stainless steel appliances, new lighting, resurfaced countertops and painted cabinets.
Further improvement plans
The new ownership plans to implement a series of upgrades including granite countertops, new cabinets, kitchen backsplashes and faux wood floors. Community amenities include a resort-style swimming pool and cabana room, outdoor kitchen, barbecue, picnic areas, playground, business center, 24-hour gym and car care center.
Vice Chairman Dean Smith and Executive Managing Director Sean Wood of ARA Newmark represented the seller in the transaction. The community was 94 percent leased at the time of the sale.
“Autumn Wood’s location near the University of North Carolina-Chapel Hill and the opportunity it offered to renovate and increase rents drove investor demand,” said Smith, in prepared remarks. “The hospital and the school collectively employ over 17,000 and both are only minutes from the property.”
Images courtesy of The Connor Group