The Charlotte multifamily market saw its fair share of activity in February, with both notable transactions and luxury developments making the news. Coming on the heels of last year’s strong pipeline, Ram Realty brought 265 luxury units online, with Wood Partners ready to deliver an additional 238. Dive into our wrap-up of Charlotte must-knows for the past month:
1. DEVELOPMENT – Wood Partners on last finishes for high-end community.
The firm is opening Alta Croft, its 14th residential property in Charlotte and 30th in North Carolina. Located on 9 acres at 3030 Barrow Road, the 238-unit luxury community has one- to three-bedroom floorplans. First Citizens Bank provided a $26.2 million construction loan in 2019. The company expects the first residents to move in by June.
2. DEAL – Quantum Equities enters Charlotte with $33.5 million buy.
Blackfin Real Estate Investors sold the 301-unit Flats at Arrowood. The property, which was renovated during the two years of Blackfin ownership, is situated on 26 acres at 8508 Lodge S. Circle. The new owner financed the purchase with a $24.6 million Fannie Mae loan originated by Capital One. Cushman & Wakefield negotiated on behalf of the seller.
3. DEVELOPMENT – Ram Realty opens 265-unit luxury community.
The company partnered with Faison Associates to deliver Hub South End. Located at 2250 Hawkins St., the development began in 2018, with Cline Design Associates as architect and Concorde Construction as general contractor. PNC Bank provided a $39.9 million loan for the project.
4. DEAL – Capstone facilitates $10.4 million transaction for 128-unit community.
The company assisted a private investor in the purchase of Woodland Park from GLP Properties, facilitating a $10.3 million acquisition loan. The new owner plans to renovate the community, which opened its doors in 1971 and is located on roughly 8 acres at 2205 Kilborne Drive.
BONUS READ: More than 30 rental communities of 50 or more units came online in Charlotte last year, according to a Multi-Housing News analysis of the Southeast’s top five markets. Developers completed 8,264 units across the metro in 2019, which accounted for 4.3 percent of total stock. More than 10,000 units are expected to deliver in 2020, which could put a lot of pressure on the metro’s occupancy rate. Read the full article here.