ARA ARRANGES $41.5M SALE OF CIELO IN CHARLOTTE

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CHARLOTTE, N.C. — ARA has brokered the $41.5 million sale of Cielo, a 205-unit, Class A apartment community located in Charlotte's Montford neighborhood. Blake Okland, Dean Smith, John Heimburger and Sean Wood of ARA represented the seller, Cornerstone Real Estate Advisers LLC, in the transaction. Weinstein Properties purchased the property, which was 94 percent occupied at the time of sale.

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