Claremont Companies Acquires NC Community for $73M
The newly-built luxury property changed hands following the community’s completion last year.
Family office Claremont Cos. has acquired Aventine, formerly Ardmore at Bryton, a multifamily property in the Charlotte suburb of Huntersville, N.C., for $73 million. Ardmore Residential was the seller of the 288-unit property, completed in 2023.
Greystone provided a $41.4 million Freddie Mac loan for the acquisition financing for the transaction while Cushman & Wakefield arranged the sale. The community was 91 percent occupied at the time of the sale, Yardi Matrix data shows.
“Supply in the Charlotte MSA has been at the forefront of everyone’s mind,” Alex McDermott, executive managing director and member of the Sunbelt Multifamily Advisory Group at Cushman & Wakefield, told Multi-Housing News. “While the immediate supply surrounding Bryton was manageable, the amount of supply in the Charlotte market has been impactful on all lease up and new construction assets. Coupled with the volatile capital markets and treasuries spiking for 30 days prior to closing, it made transacting on this deal and others difficult.”
McDermott noted that picking the right partner to go into contract with on Aventine was crucial, especially during volatile times where teamwork is essential. “We have transacted recently with the buyer, so we were comfortable with their ability to overcome and work through issues that arose,” he said. “They also utilized the Greystone team for financing. That allowed everyone to work together to close the deal.”
Cushman & Wakefield’s Alex McDermott, Louis Smart, Paul Marley, John Phoenix, Richard Montana and Jacquelyn Aaron represented the seller while Alex Basile, an Executive Director at both Greystone and Cushman & Wakefield, along with Michael Zelin and Drew Barnette of Cushman Wakefield’s Equity, Debt and Structured Finance team originated the loan.
In a popular area
Located at 13035 Ardmore Forest Rd., Aventine offers apartments with oversized floorplans, ceiling fans, trash compactors, air conditioning and washer/dryer hookups. Common-area amenities include a fitness center, car care center, clubhouse with resident lounge, complimentary Starbucks bar and swimming pool.
Huntersville is among the Charlotte area’s most sought-after communities for real estate investment. The community is located alongside the Interstate 485 and I-77 interchange, just 15 minutes from employment centers in University City and Uptown Charlotte.
Novent Hospital is located along the I-77 corridor, as are several popular shopping centers. Swimming, boating and fishing enthusiasts will find the nearby Lake Norman area a favored spot. Huntington is also the site of the annual Carolina Renaissance Festival, which attracts more than 150,000 to the area each fall.
Last month, Bainbridge made news by breaking ground on a luxury Charlotte community. The future 320-unit development will cover a 15-acre site and will consist of five buildings. The units will have one- to three-bedroom layouts.
