Ascent Housing Acquires Charlotte Community for $30M
The property last traded in 2018.
Ascent Housing has acquired Woodford Estates, a 228-unit multifamily community in Charlotte, N.C., for $30.2 million, or $141,228 per unit, according to Yardi Matrix information. To aid the acquisition, Newmark—together with the city of Charlotte and Mecklenburg County—issued three separate permanent loans totaling $18 million, $5.4 million and $2.5 million. The first is scheduled to mature in 2042, while the latter two will mature in 2046.
Dasmen Residential sold the asset at a profit. Woodford Estates had been under Dasmen Residential’s ownership since 2018, when the company purchased it from Southwood Realty for $20.8 million, or approximately $91,000 per unit, the same data provider shows. Dasmen Residential will remain in charge of day-to-day operations at the property.
Woodford Estates
Completed in 1985, Woodford Estates consists of nine two- and three-story buildings across a 10-acre site located at 4630 Central Ave. The community features 176 one-bedroom and 52 two-bedroom layouts ranging from 530 to 1,079 square feet. Shared amenities include a fitness center, swimming pool, clubhouse, grade-level parking with 300 spots, 24-hour on-site maintenance and a pet park.
The property is adjacent to Winterfield Park, as well as near U.S. Route 74, which connect Woodford Estates to downtown Charlotte, some 6 miles west. The asset is also within 1 mile of several supermarkets, eateries and retail options, including the 141,000-square-foot, Food Lion-anchored Eastway Shopping Center.
Ascent Housing owns 12 other multifamily properties in Charlotte, N.C. In March of this year, the company, together with Housing Impact II, acquired Sharon Point, a 190-unit at 5626 Sharon Pointe Road, less than 3 miles northeast of Ascent’s newest asset.
As of April, the annual rent growth in Charlotte fell to -0.1 percent, according to the latest report from Yardi Matrix. While national average advertised rents rose 0.3 percent month-over-month in April, Charlotte, which was one of the leaders in rent growth in March, returned to negative growth.
