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| Ansley Falls Apartments, Charlotte, NC |
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| 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.”
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| 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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