TODAY’S DEALS: Weinstein Buys 260-Unit Property from Wood Partners
ARA brokers Wood Partners' sale of a newly built asset; Graysteel arranges a 30-unit sale in Northwest Washington, D.C.; and ARA participates in the sale of a Class A apartment community located in a 200-acre mixed-use community.
Morrisville, N.C.—Weinstein Properties, a Richmond, Va.-based multifamily owner and manager, has acquired The Bristol Apartments from Wood Partners and its equity partner. The 260-unit luxury community is located within Park West Village, a 100-acre, 750,000-square-foot mixed-use development that includes a Super Target, Earth Fare, restaurants and a movie theater. ARA represented the development partnership in the sale.
The Bristol Apartments features carriage buildings over garages, tradition garden, and four- and five-story elevatored buildings. It was built in 2014 and is currently in lease-up with 92 percent of the apartments accounted for. Unit interiors feature plank flooring, granite countertops and stainless steel appliances.
Weinstein owns and manages more than 14,000 apartments in Virginia and North Carolina. The Bristol is the firm’s eighth acquisition in the Raleigh metro region.
Graysteel arranges walk-up sale in Northwest Washington D.C.
Washington, D.C.—The Greysteel Company has arranged the sale of Spring Road Flats, a two-building, 30-unit walk-up apartment asset located at 1433-1435 Spring Road in the trendy Northwest Washington, D.C., neighborhood of Columbia Heights.
Greysteel’s Mid-Atlantic multifamily investment sales team led by Ari Firoozabadi, Kyle Tangney, John Mullen, Lance Ahmadian, Mike Bediones, Jake Ying, and Alicia Orkisz served as exclusive advisor and agent to Monument City Realty Corporation in the disposition of Spring Road Flats to SOME Inc. (So Others Might Eat).
“The property’s maturing location and annual master lease provided potential purchasers a variety of investment strategies enabling a large pool of investors the opportunity to execute a transaction,” says Tangney. “In showing our client the market we were able to generate interest from over 30 organizations in various sectors of the investment community.”
ARA brokers sale of Class A apartment community located in Arista
Broomfield, Colo.—Atlanta-headquartered ARA recently brokered the sale of Arista Uptown, a brand new 272-unit class A apartment building located in Broomfield, Colo. ARA Colorado’s Jeff Hawks, Doug Andrews, Terrance Hunt and Shane Ozment represented the seller, a joint venture between Carlyle Investment Management, a national real estate investor, and Smith Jones Partners LLC, a local developer, in the transaction.
M&C Properties, a Salt Lake City, Utah-based real estate investor, purchased Arista Uptown for $52.5 million, representing a price per unit of $193,015, or $233.26 per square foot. The property was 94.5 percent occupied at the time of closing.
Jeff Hawks explains, “Arista Uptown is located in the Arista development, a great core suburban area adjacent to Interlocken Business Park. The Denver-Boulder Corridor has become the Silicon Valley of the Rocky Mountain Region. Since the start of 2014, the Denver-Boulder Corridor has seen a record level of absorption.” According to the second quarter 2014 Apartment Insights Trends Report, the Interlocken submarket posted an absorption rate over the past four quarters of 612 units, representing the second largest absorption behind Denver’s Central Business District which absorbed 1,170 units over the same period.
Terrance Hunt says, “Despite the steady pipeline of new construction being delivered along the Denver-Boulder Corridor, apartment communities are exceeding their pro forma rents and leasing-up faster than anticipated. Arista Uptown has been performing very well with high occupancy and strong rent increases.”
Constructed in 2012 and 2013, Arista Uptown is located within the larger, 200-acre, entertainment-anchored, mixed-use Arista community. The community is situated halfway between Denver and Boulder, allowing residents to access either city with a short 15-20 minute drive. Arista Uptown offers an amenity package that rivals that of a luxury resort. The outdoor pool is heated to 80°F and open year-round. The pool area also boasts an outdoor courtyard, a hot tub, 52 chaise lounge chairs and six private cabanas that receive daily towel service. The clubroom offers residents a fully-equipped coffee bar, two top-of-the-line Apple computers and daily refreshments, while the fitness center is open 24/7. Arista Uptown also offers a dual dog wash and bike wash room, multiple BBQ grills and picnic areas, a fenced-in dog run and two courtesy bicycles for residents’ enjoyment.