AXA IM Alts Acquires Charlotte Community
The new owner is planning a comprehensive upgrade of the 237-unit property.
AXA IM Alts has continued the expansion of its residential U.S. portfolio with the acquisition of a 237-unit community in Charlotte, N.C. The company acquired Metro 808, alongside its joint venture partner Hawthorne Residential Partners, for an undisclosed price.
The five-story Metro 808 was built in 2011 and features studio, one-, two- and three-bedroom units that range from approximately 600 to 1,500 square feet. The units were built with walk-in closets, granite countertops and ceilings that measure at least nine feet.
Metro 808’s amenity roster includes a saltwater pool, fitness center, business center, game room, package locker system, outdoor fire pit and TV lounge, bike racks and electric vehicle chargers. The new owners are also planning to implement a capital improvement plan that will enhance the exterior, common areas and amenities.
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Located at 808 Hawthorne Lane, the community is one mile from Charlotte’s central business district that features many retail, restaurant and entertainment options. Andrew Piekarski, director of U.S. acquisitions at AXA IM Alts, said in prepared remarks that Metro 808 is located in one of the fastest-growing and sought-after submarkets in the southeastern U.S.
According to AXA IM Alts, the acquisition of Metro 808 is part of its wider, long-term strategy to invest in residential assets that are supported by strong demographic drivers. Currently, the company has a portfolio of residential properties across 15 countries that’s valued at approximately $29 billion.
Piekarski also said in prepared remarks that AXA IM Alts has built up a sizable multifamily portfolio in the U.S., having been particularly active in the last year. In September, the company acquired a 271-unit community in Houston in a joint venture with RPM Living. Piekarski added that the firm has strong ambitions to significantly grow its exposure for the residential sector.