Arch Companies Announces Sale of Southeastern Multifamily Portfolio for $199M

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Arch Companies, a vertically integrated, national real estate owner, operator and developer with a growing and diverse national portfolio, is pleased to announce the $199 million sale of 1,993 multifamily units across six properties in the high-growth markets of Winston-Salem, North Carolina; Spartanburg, South Carolina; and Jacksonville, Florida.

The properties were improved through a robust value-add strategy, with 59 percent of all units having been renovated by Arch through more than $15.5 million in capital expenditures in the last two years. This has led to an 11 percent rent premium for renovated units.

The properties in the sale include:
● The Arlington, a 294-unit multifamily property in Winston-Salem, North Carolina, at 3411 Old Vineyard Road
● The Arcadian, a 285-unit multifamily property in Winston-Salem, North Carolina, at 1805 Franciscan Drive
● The Charleston, a 234-unit multifamily property in Winston-Salem, North Carolina, at 1010 Oak Grove Road
● The Abner, a 312-unit multifamily property in Spartanburg, South Carolina, at 408 Abner Road
● Riverbank, a 692-unit multifamily property in Jacksonville, Florida, at 1591 Lane Avenue South
● Midtown Oaks, a 176-unit multifamily property in Jacksonville, Florida, at 1706 Art Museum Drive

“We are excited to realize the rapid appreciation of these properties through the vision and dedication of our whole Arch team,” said Jeffrey Simpson, Managing Partner, Arch Companies. “Our team was able to identify market shifts underway before the pandemic and through analysis and deep knowledge of the national real estate landscape, were able to identify underperforming assets in strong markets outside New York City with robust investment upside.”

The sale is indicative of the overall success of Arch’s large-scale investment in strategic urban markets across the Southeast region, where the firm has assembled approximately 5,000 units and driven improvements across the properties. Arch’s national portfolio includes a significant value-add multifamily component in numerous states, including Florida, Connecticut, North Carolina, South Carolina, California, and Alabama.

“Our team did a phenomenal job to turn around these assets,” said Jared Chassen, Partner, Arch Companies. “We were able to improve the value of the apartments substantially while also improving the experiences of current residents without burdensome rent increases, which remains an utmost priority for Arch.”

Arch was represented in the sale by JLL Capital Markets and Furman Capital Advisors, the investment division of NAI Earle Furman and NAI Hallmark. The JLL team was led by Senior Managing Director Jeffrey Julien and Senior Managing Director Roberto Casas and supported by Director Vic Ciancetta, Senior Managing Director Bill Weber, Managing Director Bill Shippen and Vice President Denise Fansler. The NAI team was led by Managing Director Kay Hill, Director and Shareholder Bern Dupree and Senior Vice President, Multifamily Investment Sales John Rutherford.

“Arch Companies skillfully assembled a very attractive value-add multi-housing portfolio in Southeast growth markets, and as such, there was tremendous market interest to acquire the portfolio,” said Julien and Casas.

“We were pleased to work alongside Jones Lang LaSalle to facilitate the sale of this portfolio,” said Hill, Dupree and Rutherford. “These markets have benefited from tremendous rent growth and these well- located assets have been teed up by current ownership for successful repositioning by the next investor. We are excited that the buyer will benefit from the strong tailwinds in these markets and have a proven roadmap for future success.”

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