Hillridge JV Pays $94M for Charlotte Community
Mesa West Capital issued a first mortgage loan for this deal.
Image courtesy of Wafra Inc.
A joint venture between Hillridge Capital and Broad Creek Capital has acquired Loft One35, a 298-unit community in Charlotte, N.C. Wafra Investment Advisory Group sold the asset for $94 million, Yardi Matrix information shows.
The buyer obtained a $69.8 million loan for the purchase and renovation of the property. Mesa West Capital issued the five-year, non-recourse note in a deal arranged by Eastdil Secured.
The asset previously traded in 2016, when Wafra bought it from NRP Group for $78.5 million or $263,423 per unit, the same data provider shows.
Loft One35 came online in 2016 at 135 W. Morehead St., featuring four six- and seven-story buildings across an almost 3-acre site. The community consists of studio, one- and two-bedroom apartment residences, as well as two-bedroom townhomes and loft-style units, with layouts ranging from 465 to 1,690 square feet.
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Shared amenities include a swimming pool, outdoor courtyard with fire pit and barbecue stations, pet spa, coffee bar and bike storage. The partnership intends to use a portion of the loan proceeds for capital improvements, namely upgrading the exterior paint, as well as renovating the corridors, community amenities and some of the units.
Eastdil Secured Managing Director Chris Campbell and Senior Vice President Catherine Reinecker, together with Directors Matt Brody and Daniel Allman, brokered the deal.
Charlotte’s multifamily sector shows strong prospects
In the first ten months of 2025, Charlotte’s multifamily sector saw $1.5 billion in investment volume, with 36 assets changing hands at an average per-unit price of $214,660, Yardi Matrix data shows. Though 47 properties traded during the same period of last year, both the total investment figure and the average price per unit were lower. The first ten months of 2024 registered $1.2 billion in sales, with an average per-unit price of $154,834.
Last month, Greystar sold Axis at the Park, a 348-unit upscale community in Charlotte, N.C. Sherman Residential picked up the 2024-completed asset for $68 million.
