Multifamily owner-operator American Landmark Apartments has acquired Celsius Apartment Homes in the Wedgewood submarket of Charlotte, N.C.
Located at 10051 Perimeter Station Drive, Celsius Apartment Homes is a 449-unit apartment community. It features one-, two- and three-bedroom apartments. Features and finishes of residences include 42-inch custom cabinetry, kitchen islands, built-in computer desks, soaking tubs, private balconies and above- average ceiling heights. A car care center is among the amenities offered.
American Landmark intends approximately $4.8 million in capital improvements to the property, which is the company’s eighth property under management in metro Charlotte.
“This deal involved the acquisition of adjacent properties built in two phases, the 203-unit Celsius Perimeter Station built in 2009, and the 246-unit Perimeter Lofts, built in 2013,” American Landmark’s Chief Investment Officer Christine DeFilippis told Multi-Housing News.
“One challenge was to properly combine operations and budgets of these two properties to operate as a single deal, which our operations-accounting-acquisitions teams have successfully managed. Under our ownership, both properties now operate as ‘Celsius.’ Another challenge was finding optimal debt terms, but we were successful due to our long-standing relationships with banks,” she added.
Celsius Apartment Homes is situated approximately 15 minutes north of Downtown Charlotte. The apartment community is located near an array of schools, as well as businesses, shopping centers, entertainment and nightlife.
Central Piedmont Community College is an eight-minute commute, Johnson & Wales University an 11-minute drive. Parks and recreational areas in the vicinity include RibbonWalk Nature Preserve, Discovery Place and Latta Plantation Nature Center, all located with a 12- to 17-minute drive. Convenient access to I-77 and I-485 enable residents to easily motor throughout the metropolitan area. The property is also 15.4 miles from Charlotte Douglas International Airport. Last month, American Landmark acquired a 359-unit community in a Nashville, Tenn., suburb.