Atlantic Pacific Cos. has acquired Magnolia Terrace, a 264-unit garden-style multifamily property in Charlotte, N.C. With this purchase, the company expands its North Carolina portfolio to four properties, totaling more than 1,000 units. The community marks the 10th acquisition within the company’s third private equity fund, Blue Atlantic Partners Fund III. The property last traded just two years ago, when Stonebridge Investments acquired it from RADCO Cos. for $40.7 million, Yardi Matrix data shows.
Completed in 1989, Magnolia Terrace offers one-, two- and three-bedroom floorplans, ranging from 561 to 1,228 square feet. Common-area amenities include a pool, a fitness center, a clubhouse, a dog park and various get-together and grilling areas. The buyer is planning on investing several million dollars on upgrading the property, which will encompass interior renovations including the additon of quartz countertops, as well as amenity enhancements and exterior touches.
A Charlotte community in the middle of it all
The property is located at 8301 Paces Oaks Blvd., in University City, just northeast of downtown Charlotte, offering access to employment, entertainment and education hubs. The community also provides access to University Research Park, the Lynx Blue Line light rail and UNC Charlotte. The property is off East W.T. Harris Boulevard, which allows quick access to Interstate 85 and commute to Uptown Charlotte and South End employment centers. The immediate area offers a wide array of shopping, entertainment and health-care options.
The property’s access to jobs, transit, shopping, entertainment and education makes the value-add investment a great addition to the company’s growing North Carolina portfolio, Greg Ward, chief investment officer at Atlantic Pacific Real Estate Group, said in prepared remarks.
Atlantic Pacific Management—the leasing & management arm of Atlantic Pacific Management—will handle property management. The company will also oversee the multimillion-dollar improvement plan.
The Charlotte area continues to be an investment magnet, with nearly $3.2 billion in multifamily assets trading across the metro since the beginning of the year, according to Yardi Matrix. Earlier this month, The Solomon Organization sold a multifamily portfolio encompassing three garden-style communities for $173.5 million.