PRG Group Buys Luxury Charlotte Community for $49M

1 min read

The Miller-Valentine Group finished work on the 280-unit property in late 2017, following a year and a half of construction.

Beckett Farms

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

You May Also Like

The latest multifamily news, delivered every morning.


Latest Stories

Like what you're reading? Subscribe for free.