PRG Group Buys Luxury Charlotte Community for $49M
The Miller-Valentine Group finished work on the 280-unit property in late 2017, following a year and a half of construction.
The Miller-Valentine Group has sold Beckett Farms, a 280-unit luxury community near Charlotte, N.C., for $49 million to PRG Real Estate, according to Yardi Matrix. The seller had broken ground on the development in mid-2016, opening its doors in late 2017.
Capital One provided a $32.4 million Freddie Mac acquisition loan to the buyer. The loan matures in February 2030. In November, the lender originated $41 million for the purchase of a 288-unit asset in Southern California.
Located at 1111 Gennett Circle in Fort Mill, S.C., the community’s nine buildings are set on 43.8 acres near Interstate 77, 3 miles from the border with North Carolina and 15 miles south of downtown Charlotte. The asset is within 1.5 miles of a number of shopping and dining options.
The community contains a mix of one-, two- and three-bedroom apartments, with unit floorplans from 689 to 1,380 square feet. Beckett Farms’ amenities include a saltwater swimming pool, a fitness center, a 6,000-square-foot clubhouse and a playground. As of December 2018, the asset was 71.1 percent leased, per Yardi Matrix data.
Image courtesy of Yardi Matrix