Argyle Acquires Charlotte-Area Community
Built in 2017, the property will undergo a light value-add plan aimed at increasing curb appeal.
Argyle Real Estate Partners has expanded its presence in the Charlotte, N.C., multifamily market with an acquisition across state lines in South Carolina. The firm and joint venture partner Cadre has purchased Indigo at Cross Creek in Indian Land, S.C.
Ryan Reyes, CEO at Argyle, told Multi-Housing News that the joint venture acquired the community from Taft Ventures, but declined to comment on the purchase price.
Built in 2017, Indigo at Cross Creek offers 303 one-, two- and three-bedroom units averaging 1,150 square feet. The apartments were built with stainless steel appliances, granite countertops, washer-dryer units, nine-foot ceilings and double vanities in the bathrooms. Community amenities include a pool, lounge area, synthetic turf putting green, a bocce ball court, clubhouse and outdoor kitchens. The community is 94 percent occupied, Reyes told MHN.
Located at 2001 Cramer Circle, Indigo at Cross Creek is approximately 30 minutes away from Charlotte’s central business district and 10 minutes from the Ballantyne, N.C., suburb that is home to many of the area’s major employers.
Indigo at Cross Creek is in great condition, as it was recently built, said Reyes, but the new owners will implement a light value-add plan aimed at improving interiors and common areas amenities to increase curb appeal. The joint venture has selected Rangewater Real Estate to manage the community.
Focusing on submarkets in the Carolinas
Mike Cacciatore, principal at Argyle, said in prepared remarks that the Charlotte metro has seen positive migration in the last few years because of the market’s explosive job growth and relatively low cost of living.
”Both North and South Carolina are two primary markets for Argyle with specific focus on Charlotte, Charleston, Raleigh and neighboring submarkets given the upward migration and rapid growth these areas have seen in previous years and continue to see in the present day,” Reyes told MHN.
Beyond its latest acquisition in South Carolina, Argyle will focus on multifamily across the Southeast U.S. and Texas in particular. In August, the firm partnered with Sembler Investments with the goal of acquiring more than $1.5 billion worth of apartments in the southeastern U.S. and Texas in the next two or three years.