Weidner Drops $108M in Charlotte
The deal marks the firm's second investment in the metro.
Weidner Apartment Homes has acquired CityPark View Apartments, a 484-unit multifamily property in Charlotte, N.C., for $107.5 million, according to Yardi Matrix. LivCor sold the asset.
The buyer also secured a $71.9 million Fannie Mae loan from Newmark, the same source shows. The property previously traded in 2015, when LivCor—through Preferred Apartment Communities—picked it up from Oxford Properties in a $66.7 million deal.
The transaction represents Weidner Apartment Homes’ second investment in the Charlotte metro area, expanding its portfolio to 884 units. The new owner will also be the property manager.
READ ALSO: To Finance Multifamily, Get Creative
The garden-style community is at 1710 Piedmont Hills Place, spanning about 19 acres. The property is near Charlotte Douglas International Airport and Woodlawn Light Rail station and provides easy access to Interstate 77. Downtown Charlotte is 7 miles away.
Additionally, CityPark View Apartments is within the 150-acre CityPark master-planned community, a mixed-use neighborhood that includes multiple restaurants, retail and outdoor activities options.
Built in two phases between 2014 and 2017, the property includes 15 two- and three-story buildings. The unit mix comprises one and two-bedroom floorplans, as well as a townhome collection, with an average size of 971 square feet. Units include private balconies or patios and walk-in closets.
Amenities at CityPark View include two fitness centers, two swimming pools with poolside fire pits and a lounge area, a clubhouse with coworking spaces, an indoor game and lounge space, picnic spaces with grill stations, a dog park with a pet washing station and outdoor terraces. Additionally, the property has storage spaces, a community kitchen with a coffee bar and more than 870 parking spots.
Charlotte’s multifamily sector attracts investors
Charlotte’s investment activity returned closer to pre-pandemic levels, according to a recent Yardi Matrix report. The metro’s 2023 and 2024 activity averaged $1.9 billion in sales annually, down from the record-breaking performances of 2021 and 2022 and in line with national trends. During this year’s first quarter, sales in the metro reached $154 million, $20 million above the figures registered during the same period of 2024.
In another recent deal in the metro, LivCor sold Beacon Hill, a 349-unit community, for $43 million. Brookfield Properties acquired it as part of a $139 million portfolio deal that included Hidden Creek, a Chandler, Ariz., community.
