Boston Capital Nabs Charlotte, NC Community
The company acquired the 368-unit property on behalf of Boston Capital Income & Value U.S. Apartment Fund. The cost of purchase, including improvements, reached $60 million.
By Roxana Baiceanu
Boston Capital Real Estate Partners acquired Berkeley Place Apartments, a 368-unit community in Charlotte, N.C., on behalf of Boston Capital Income & Value U.S. Apartment Fund (BCIV). After Atlanta and Phoenix, Charlotte represents the third U.S. property location for BCIV. The first closing Boston Capital completed for BCIV was in February, 2017.
The investor, which specializes in the renovation and rehabilitation of apartment communities, plans to bring improvements to Berkley Place, which will bring the total cost of the acquisition to approximately $60 million.
“Berkeley Place fits our investment objectives to generate and enhance an attractive current yield, build investor value through strategic capital improvements, and create a highly competitive cost and rent structure designed to appeal to middle income residents seeking location, convenience, community, and state-of-the-art apartment homes,” said Jeff Goldstein, the COO of Boston Capital, in prepared remarks.
Close to big companies
The property was built in 2001 at 500 Solano Drive and is considered a Class B+ asset. The investor plans to capitalize on the community’s location by upgrading several amenities, including the clubhouse, fitness center, leasing area and the pool. In addition, the units will have quartz countertops, new fixtures and appliances, new flooring, lighting and energy-saving features.
Centrally located in the University City submarket, Berkeley Place is a short drive from the city’s Central Business District and less than two miles from the upcoming LYNX light rail. The submarket is home to 73,000 employees, as 23 Fortune 500 companies’ offices are located in the area, including Wells Fargo, Allstate, Duke Energy and AON Hewitt. The property also offers easy access to University Research Park and University of North Carolina at Charlotte.
Image courtesy of Boston Capital