CHARLOTTE—The Apartments at Blakeney, a 295-unit multifamily community in Charlotte, is the first property in a seven-asset Southeast portfolio to close. Northwood Ravin and affiliates are disposing of the portfolio for $324 million.
HFF senior managing director Jason Nettles, along with executive managing directors Matthew Lawton and Mark Gibson, represented the seller. Associated Estates Realty Corporation purchased the multifamily community. Associated expects to close on the balance of the portfolio in stages through fourth quarter 2014.
“High-quality, well-located assets are in short supply and portfolio transactions offer institutional investors the opportunity to acquire assets that would be difficult to assemble in one-off purchases,” says Nettles. “This was a very limited offering process, with a handful of very qualified buyers competing for some of the highest quality multi-housing assets in the Southeast and Mid-Atlantic.”
Associated entered into a definitive purchase agreement for the class A multifamily communities in high growth submarkets of Raleigh, Charlotte, Atlanta and Tampa for $324 million in September. The seven assets in the multifamily portfolio also include: Lofts at Weston Lakeside in Cary, NC; St. Mary's Square in Raleigh, NC; Alpha Mill Apartments Phase 1 and II in Charlotte; Perimeter Town Center in Atlanta; and Verala in Tampa, FL.
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