Development

Steele Creek apartments sold for $46 million

Arbor Steele Creek
Arbor Steele Creek

A Steele Creek apartment community has been sold for $46 million, Mecklenburg County real estate records show.

The Arbor Steele Creek apartments, a 384-unit, garden-style development on South Tryon Street near Steele Creek Road, was purchased by ASC Property LLC. in a deal that closed Jan. 13. ASC Property is affiliated with Charleston-based Blaze Partners, a boutique multifamily investment company.

ARA Newmark’s John Heimburger, Dean Smith and Sean Wood brokered the transaction. The seller was Arbor Steele Creek LLC, affiliated with Baltimore-based Alex Brown Realty, Inc, a private real estate investment manager.

Arbor Steele Creek was completed in 2003. Arbor Steele Creek LLC bought it in 2013 for just under $23.8 million.

Ely Portillo: 704-358-5041, @ESPortillo

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