Alpha Partners Enters Charlotte With Portfolio Buy
The firm’s first acquisition in the market includes 147 units across three communities. The owner plans to add value to the properties through significant renovations.
Wallace Terrace Apartments. Image courtesy of Alpha Partners
Guardian REV Asset Management has sold three Charlotte, N.C.-area communities totaling 147 units to Alpha Partners, marking the buyer’s first multifamily investments in the metro. The value-add acquisitions include two assets within city limits and a third property in nearby Rock Hill, S.C.
Alpha Partners plans to invest $100 million in the metro over the next five years, according to a prepared statement from Fabio Nogueira, the director of the firm’s Charlotte office. The company expects the value of the three properties to rise to approximately $16 million following capital improvements.
Timberstone Commons Apartments. Image courtesy of Alpha Partners
The largest property, the 108-unit Timberstone Commons Apartments, is located at 2200 Yorkhills Drive in the Southwest Charlotte submarket, roughly 7 miles southwest of downtown. The other community within city limits—the Wallace Terrace Apartments—is situated 1 mile south of U.S. Highway 74, southeast of the city center. The third asset, Kensington Townhomes, is some 3 miles northwest of central Rock Hill.
The portfolio was slightly more than 60 percent occupied at the time of the sale. According to Yardi Matrix data, the three communities’ submarkets had an average occupancy of 95.3 percent in May, highlighting strong value-add investment potential for older properties in the area.
