American Landmark Expands Charlotte-Area Portfolio

The Elliot. Image courtesy of American Landmark

American Landmark Apartments has purchased the Delaney Apartments, a 240-unit community in Concord, a suburb to the northeast of Charlotte, N.C. Hercules Real Estate Services sold the asset that was previously purchased in 2017 for $33.5 million, Yardi Matrix data shows.

The property, now renamed The Elliot, came online in 2010 and comprises 17 buildings with one-, two- and three-bedroom apartments, averaging 1,190 square feet. The units offer kitchens with granite countertops, built-in appliances, washers and dryers, walk-in closets, a private patio, balcony or sunroom and disability access features.

Community area amenities include an outdoor kitchen and picnic area, pool, media room, fitness center, clubhouse with billiard and game room, business center and car care center, basketball and volleyball court, playground and 24-hour emergency maintenance.

Located at 4600 MBA Court, the transit-oriented community is less than a mile north of Interstate 85, connecting it to Charlotte and offering access to major employment hubs. The Rowan-Cabarrus Community College is also within half a mile of the property.

A safe investment

Substantial job growth and heavy migration from other parts of the country is driving demand for well-located and managed properties in Greater Charlotte, making it a safe bet for investors, mentioned CIO Christine DeFilippis, in a prepared statement.

The acquisition represents American Landmark’s eighth investment in the Charlotte metro area after the $126 million purchase of two communities, totaling 503 units just at the end of last year.