Diversified Sunbelt multi-housing portfolio hits the market
JLL Capital Markets is marketing the six-property value-add portfolio in high growth southeastern Markets on behalf of Arch Companies
CHARLOTTE, Oct. 8, 2021 – JLL Capital Markets announced today that it has been engaged by Arch Companies to exclusively market for sale a six-property value-add multi-housing portfolio totaling 1,993 units in the high-growth southeastern markets of Jacksonville, Florida; Winston-Salem, North Carolina; and Spartanburg, South Carolina.
The garden-style portfolio comprises three properties in Winston-Salem, The Arlington, the Arcadian and The Charleston; two Jacksonville communities, Riverbank and Midtown Oaks; and The Abner in Spartanburg. The communities, which were constructed between 1962 and 1985, boast an average unit size of 929 square feet and feature a variety of amenities. Ownership has made significant investment in upgrades to the portfolio, with 60 percent of units renovated, as well as upgrading common areas and addressing deferred capital. Additionally, occupancies are trending towards full stabilization due to the renovation program, and new ownership will have the ability to continue the current renovation program, further enhancing revenues and producing strong cash returns.
The portfolio represents a rare opportunity to acquire value-add workforce housing in highly sought-after submarkets. Jacksonville, Winston-Salem and Spartanburg are all above the national average in terms of year over year employment and population growth, and each of these Sunbelt markets has strong long-term fundamentals.
The JLL Capital Markets Investment Sales Advisory team representing the seller is being led by Senior Managing Director Roberto Casas and Managing Director Jeffrey Julien.
“This offering gives investors a unique opportunity to acquire significant scale in high-growth Southeast markets at an attractive per unit basis,” Casas said. “Given current operations, new ownership will also see strong returns and have the ability to continue to upgrade units to further improve revenues. Furthermore, an investor can quickly and efficiently amass strong and durable cash flow in a single transaction.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Arch Companies
Arch Companies is a vertically integrated real estate owner, operator, and developer with an active investment portfolio of more than 3.4 million square feet across the United States. Founded in 2017 by Jeffrey Simpson and Jared Chassen, Arch specializes in real estate investment, development, and management with a concentration on primary and secondary markets. The company has three investment verticals, value add multi-family, ground-up development and white knight capital. Arch differentiates itself by providing hands-on real estate investment management, creative deal structuring, and transparent communication with partners. Arch’s vertically integrated platform allows for complete control and oversight of the business plan throughout the life cycle of the investment.