Carter Exchange Sells Charlotte-Area Community for $75M

Station at Poplar Tent. Image courtesy of Carter Funds

Carter Exchange Fund Management Co., the investment and sales arm of the Carter Funds group, has completed the $74.7 million sale of Station at Poplar Tent, a 12-building, 312-unit garden-style apartment community located at 50 Poplar Station Circle NW, in Concord, N.C. The buyer, NorthRock Cos., purchased the property, in part, with $49 million in CMBS loans from Fannie Mae that were originated by Prudential Financial, according to Yardi Matrix information.

NorthRock has hired Hawthorne Residential Partners to oversee the property’s management operations, the same source shows.

A storied Station

Station at Poplar Tent was developed by Tynes Development, and finished construction in 2018, according to Yardi Matrix. Two years later, the developer sold the community to Carter Multifamily, the group’s development and value-add-focused subsidiary for $57.5 million, the same source shows. Both firms have recently participated in other sales around the South with the former developing and selling The Station at Savannah Quarters, a 244-unit property in Pooler, Ga.

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During Carter Multifamily’s ownership of the property, the firm conducted several value-add renovations and repositioning campaigns, such as providing residents with the opportunity to install Smart Home technology packages and flooring upgrades, as well as placing parcel lockers in the community’s clubhouse. As a result of the upgrades, the average rents of the property’s occupied homes increased by 25.2 percent.

Property characteristics

Station at Poplar Tent is sectioned into one-, two- and three-bedroom living arrangements averaging 1,129 square feet, according to Yardi Matrix data. Units feature kitchens with stainless steel appliances, quartz countertops and tile backsplashes, alongside open floor plans with walk-in showers, as well as private patios and balconies. Across the 17-acre community, residents have access to a swimming pool with private cabanas, as well as a clubhouse, playground and dog park.

Situated 6 miles west of central Concord, Station at Poplar Tent is within several minutes’ drive of the areas retail, dining and employment offerings. Downtown Charlotte is 15 miles to the southwest, with the community is located three quarters of a mile away from the nearest on-ramp to the Interstate 85.

Carter and NorthRock’s collaborations

The sale of Station at Poplar Tent marks Carter and NorthRock’s second transaction in the South this year. In January, the firm acquired Brighton Park, a 200-unit community in Byron, Ga. from the latter for $34.5 million.