ARA BROKERS SALES OF TWO STUDENT HOUSING PROPERTIES IN SOUTHEAST

GREENSBORO, N.C., AND BATON ROUGE, LA. — Atlanta-based ARA has brokered the sales of two student housing communities in North Carolina and Louisiana. In the first transaction, an undisclosed buyer acquired River Walk Apartments in Greensboro for an undisclosed price. Built in 1949 and located near North Carolina A&T State University, the Class B asset offers 223 units and 682 beds. Community amenities include a shuttle bus to campus, a fitness center, a billiards room, a business center and a swimming pool. Chris Epp, Chris Bancroft, Sean Wood, Blake Oakland and Dean Smith of ARA represented the undisclosed seller in the transaction. In the second transaction, The Dinerstein Companies completed the disposition of Sterling Northgate, a 98-unit, 348-bed student housing community located in Baton Rouge. Built in 2006, the property is located within walking distance of Louisiana State University. Community amenities include a resort-style pool and plaza, a state-of-the-art fitness center, a business center, a tanning salon and a computer lab. Epp and Bancroft, along with Matt Heininger of ARA, represented the seller in the transaction. The buyer and acquisition price were not released.