The Acquisition is Arch’s Seventh in the Southeast Over the Last 15 Months
A partnership between Arch Companies and Drake Real Estate Partners has acquired The Park at Forestdale, a 486-unit, garden-style multifamily property in the Forestdale neighborhood of Birmingham, Alabama. This is Arch’s seventh acquisition in the Southeast region over the past 15 months and the eighth since Arch’s inception, expanding the firm’s multifamily portfolio to approximately 3,000 units across the U.S. The acquisition was financed by Arbor Realty Trust via Fannie Mae’s Green Rewards program.
“The Park at Forestdale offers residents a peaceful, green residential setting with easy access to work, shopping and dining in Birmingham’s Central City via Highway 78,” said Jeffrey Simpson, Managing Partner and Co-Founder, Arch Companies. “This is an incredibly well-positioned property to attract a range of tenants in a growing urban market, and Arch plans to modernize the space to meet the needs of current and future residents.”
The expansive property, located just 10 minutes from downtown Birmingham, includes a mix of studio and one-, two- and three-bedroom units. Arch plans to engage in a strategic value-add program on the property to improve resident experience and meet sustainability goals through Arch’s vertically integrated asset management and construction teams.
“As we expand our national multifamily footprint, we pride ourselves on the care and hands-on approach we take to improving and managing our properties,” says Jared Chassen, Partner and Co-Founder, Arch Companies. “The Park at Forestdale offers a great deal of potential for our aggressive and expanding value-add footprint in the Southeast.”
“Particularly with Arch and Drake’s robust sustainability and asset management plan, the acquisition of The Park at Forestdale is a win for investors and a win for tenants,” said Geoffrey Platt, Vice President, Origination, Arbor Realty Trust, who brokered the financing. “Arch’s continued growth through the pandemic is a testament to the successful multifamily vision the firms employ throughout their portfolios.”
About Drake Real Estate Partners
Founded in 2012, Drake Real Estate Partners is a real estate investment and asset management firm based in New York City. Drake seeks to invest in high quality, income-producing real estate assets at a significant discount to replacement cost, and drives value by focusing on repositioning, leasing and improving operations. Drake uses the flexible, long-term nature of its capital to its advantage by seeking out opportunities that have been overlooked by other investors. Drake has completed more than $1.5 billion in transactions to date and has invested across a variety of geographies and property types, including multifamily, industrial, office (including medical office and creative office), self-storage, senior housing, retail and hospitality.
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.