A fund sponsored by CBRE Global Investors has purchased a 150-unit apartment community in Charlotte, N.C. from institutional investors advised by J.P. Morgan Asset Management. A sale price was not disclosed.
According to Yardi Matrix data, the sellers were United Dominion Realty Trust and MetLife Real Estate Investment. Built in 2007, the property is located on 5.5 acres at 4300 Sharon Road in SouthPark, a suburban area roughly 7 miles south of downtown Charlotte. The neighborhood is home to the similarly-named SouthPark Mall, the state’s largest mall at nearly 1.8 million square feet.
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Dubbed the Residence at SouthPark, the Class A community has a mix of one-, two- and three-bedroom apartments averaging 1,573 square feet in size. Unit interiors include high ceilings, built-in bookcases and workstations, washers and dryers, granite countertops and stainless-steel appliances. Community amenity offerings at the property include a rooftop deck, saltwater pool, 24-hour fitness center, business center and game room.
A JLL Capital Markets team of Allan Lynch, Andrea Howard, Caylor Mark, John Currin and Jeff Glenn represented the seller in the deal. Lynch said in prepared remarks that the property’s concrete construction and oversized units helped make it one of the most desirable assets in the region.
Positive market performance
Charlotte’s multifamily market had a strong October, with several large trades closing and at least one project breaking ground, adding to a pipeline of nearly 14,000 units. Of the closed deals, the biggest was Morgan Properties’ $323 million purchase of a portfolio of multifamily properties in North and South Carolina that included 13 Charlotte-area communities.
Meanwhile, Madison Capital broke ground on the 240-unit Madison Farms, a luxury multifamily community located about 15 miles northeast of downtown Charlotte. The property is slated to be completed in 2022.