Thursday, April 17, 2014

Banner Essex Strategic Apartment Fund II LLC Acquires Ansley Falls Apartments in Charlotte, NC


  
Ansley Falls Apartments, Charlotte, NC


Milton Pinsky
NORTHBROOK, IL – Banner Essex Strategic Apartment Fund II announced that it has acquired the 274 unit Ansley Falls Apartments located in Charlotte, NC.

  Ansley Falls is strategically located in the Pineville submarket, only 5 miles from downtown Charlotte, 3 miles from the airport, and has convenient access to multiple highway systems and desirable retailers. 

The Fund purchased the Class-A asset, built in 2010, in joint venture with an affiliate of The Hartford (NYSE: HIG).  The Seller was an affiliate of Sherman Residential, also of Northbrook, IL.  Dean Smith and John Heimburger of ARA Carolinas brokered the transaction.

According to Milton Pinsky and Doug Imber, sponsors of the Fund, “Ansley Falls is an outstanding asset and is consistent with our criteria of acquiring well-located properties in select Midwest and Sun-belt markets that exhibit strong population, job and wage growth, along with a business friendly climate.

“ Additionally, joint-venturing with The Hartford further strengthens our platform, while simultaneously providing better  diversification to our Fund.” 

Doug Imber
They added that “Financing the property with a modest 60% loan to value from Freddie Mac enhanced our borrowing terms as well as our risk adjusted returns.”   

This is the Fund’s second acquisition, after its 2013 purchase of the 192 unit Wellington at Willow Bend Apartments in Plano, Texas.  The fully integrated real estate operating company was founded in 1989 and has since acquired and operated 40 multifamily properties totaling nearly 8,500 units across nine states.


For a complete copy of the company’s news release, please contact 

Doug Imber at 773.305.4902 or email him at dougimber@essexrealtygroup.com

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