NEW YORK, NY – Arch Companies has sold Meadowbrook Apartments, a 60-unit garden style, multifamily property located in Foley, Alabama, for $6.83 million. Acquired in April 2018, this was one of Arch’s first purchases after its founding in 2017 and is the firm’s first multifamily sale. Arch was represented in the transaction by Andrew Brown, Director, Cushman & Wakefield.
“The rapid appreciation of this asset is a testament to both our value-add strategy in the Southeast and the rising popularity of this regional market with both the workforce and the real estate community,” said Jeffrey Simpson, Managing Partner, Arch Companies.
“There was a great deal of interest in this property, and we fielded a number of bids,” said Brown. “The activity around this sale speaks volumes about the way Arch improved the property and delivered a first-rate tenant experience.”
Arch implemented a capex program that elevated the property and attracted qualified, loyal tenants. The property maintained an occupancy of over 95% throughout their ownership.
“The combination of a high-quality, in-demand multifamily asset and a burgeoning area economy with geographical appeal made this an attractive property for the buyer,” said Jared Chassen, Partner, Arch Companies. “Additionally, our hands-on, vertically integrated approach to development, building and asset management created appreciable value for the Meadowbrook property.”
Meadowbrook is located in Baldwin County, one of the fastest-growing counties in the state, and is near convenient shopping, Gulf of Mexico beaches, local museums and parks. The sale follows Arch’s successful year of acquiring over 1,700 units, thus far, in garden-style properties throughout the Southeast.
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.
By: Multifamily Biz