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PROPERTY DESCRIPTION

Arbors Apartments is a 120-unit apartment property located in the historic Fourth Ward neighborhood of Charlotte, North Carolina. The property is the only market rate garden apartment community located inside the Uptown Charlotte loop and is within walking distance of the headquarters of Duke Energy and Bank of America as well as the east coast headquarters of Wells Fargo. The property includes one- and two-bedroom apartments with an average size of 945 square feet, among the largest units in the Uptown Charlotte market. Each unit at the property includes a private patio as well as an operational fireplace, both of which are unique amenities for an urban infill property. There are a total of 143 parking spaces at the property (1.19 per unit).

INVESTMENT PERIOD

December 2011 - May 2012