Continental Realty Pays $96M for Charlotte Asset
The buyer also assumed the outstanding balance of a 40-year HUD loan.
Sycamore at Tyvola. Image courtesy of Continental Realty Corp.
Continental Realty Corp. (CRC) has acquired Sycamore at Tyvola, a 288-unit multifamily community in Charlotte, N.C., for $96.3 million through its Core Multifamily Fund. Switzenbaum & Associates sold the asset with the assistance of Cushman & Wakefield. The buyer also assumed a 40-year HUD loan with a 2.96 percent fixed rate, which, according to Yardi Matrix data, had an outstanding balance of $36.6 million at the time of the transaction.
Completed in 2018 on a roughly 31-acre site, the property encompasses six buildings with one- and two-bedroom floorplans averaging 1,042 square feet. Apartment interiors feature stainless-steel appliances, wood-style plank flooring, in-unit washers and dryers, 9-foot ceilings and granite countertops. Community amenities include a swimming pool, fitness center, tennis court, business center and dog park, as well as 375 parking spaces.
Located at 707 Sycamore Centre Drive, the community is close to Interstate 77, roughly 7 miles from the Charlotte center city and 8 miles from Charlotte Douglass International Airport. It is also within walking distance of the Harry L. Jones Sr. Golf Course.
CRC Vice President of Acquisitions Ari Abramson mentioned in prepared remarks that acquiring the property with a long-term loan provided fixed-rate financing well below the current market rates. Cushman & Wakefield Senior Director Michael Saclarides represented the seller in the transaction.
