Arbor Realty Finances Charlotte Acquisition
The purchase brings FriedLam Partners’ Charlotte portfolio to 11 market-rate multifamily properties totaling more than 1,500 units across the metro.
Weaver Investment Co. has sold Yorktowne Village, a 124-unit Class B community in the Charlotte, N.C. metro, to FriedLam Partners for $8.8 million, according to Yardi Matrix. The buyer, which now owns 11 assets totaling 1,574 units in the metro, financed the acquisition with a $7.6 million loan from Arbor Realty Trust. The mortgage matures in 2021.
Located at 2172 Ebinport Road in Rock Hill, S.C., the garden-style community’s 16 buildings are situated some 23 miles south of downtown Charlotte, accessible via Interstate 77. A small shopping center is in the immediate area, with a wide range of shopping and dining options slightly further afield.
The community, built in 1985, contains one- and two-bedroom apartments. The property’s amenity mix includes a tennis court and playground in addition to a fitness center and a swimming pool. The asset was 98.4 percent occupied as of April, per Yardi Matrix data.
Rent growth has remained essentially flat in Rock Hill over the past 12 months, averaging 1 percent, according to Yardi Matrix data. Considering the large gap between Class B and Class A rents in the area, FriedLam will most likely benefit from a value-add play. This would mirror the company’s approach to its other holdings in the metro, five of which recently landed $49 million in financing from the same acquisition lender.