Arch Companies Sells Southeastern Multifamily Portfolio for $200M

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Arch Companies has sold nearly 2,000 multifamily units across six properties in the Carolinas and Florida for $200 million, Commercial Observer can first report. 

Jeffrey Simpson, Managing Partner at Arch Companies

“We are excited to realize the rapid appreciation of these properties through the vision and execution of our dedicated team,” said Jeffrey Simpson, managing partner of Arch Companies. “Our vertically integrated team was able to recognize 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.”

SEE ALSO: Harbor Group Sells Pompano Beach Apartment Complex for $96M

The properties in the sale include: 

  • Riverbank, a 692-unit multifamily property in Jacksonville, Fla., at 1591 Lane Avenue South
  • Midtown Oaks, a 176-unit multifamily property in Jacksonville at 1706 Art Museum Drive
  • The Arlington, a 294-unit multifamily property in Winston-Salem, N.C., at 3411 Old Vineyard Road
  • The Arcadian, a 285-unit multifamily property in Winston-Salem at 1805 Franciscan Drive
  • The Charleston, a 234-unit multifamily property in Winston-Salem at 1010 Oak Grove Road
  • The Abner, a 312-unit multifamily property in Spartanburg, S.C., at 408 Abner Road

Arch was represented by JLL Capital Markets, NAI Hallmark and Furman Capital Advisors, the investment division of NAI Earle Furman. The JLL team was led by Jeffrey Julien and Roberto Casas. The NAI team was led by John Rutherford, Kay Hill and Bern Dupree

Arch spent $20 million renovating most of the units in the last two years. 

“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,” Hill said. 

Arch has assembled approximately 5,000 units, excluding the 2,000 it just sold, in different states and gateway urban markets across the Sun Belt and the Northeast, including a value-add multifamily component.

Emily Fu can be reached at efu@commercialobserver.com.