Cortland has acquired The Adley at Bryton, an apartment community in the Charlotte, N.C. suburb of Huntersville, the fastest growing submarket of the Queen City. The 259-unit, Class A, newly-built property has been renamed Cortland Huntersville.
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Cortland was able to undertake the transaction through its Growth and Income Fund, which emphasizes acquisitions of high-quality, stabilized or near-stabilized multifamily assets in specified target markets characterized by robust population and job growth.
Located at 11418 Elmira Ave. in a transit-oriented, master-planned, mixed-use development called Bryton Town Center, the community features one-, two- and three-bedroom apartments averaging 1,065 square feet.
Among apartment features and finishes are 9-foot ceilings with crown molding, stainless steel appliances, built-in bookshelves, double-pane windows and granite countertops. Topping the common-area amenities list is a saltwater pool and sun deck.
“We didn’t encounter any serious challenges,” Dan Irvin, Cortland investment manager for the Mid-Atlantic Region, told Multi-Housing News. “We have strong relationships with all the stakeholders, and have completed over 30 similar transactions of this type in the last two years.”
Located off exit 23C at Interstate 485 and Highway 115, Bryton Town Center is an innovative mixed-use community that is intended to be Huntersville’s gateway of the future. The master-planned development is anchored by a Wal-Mart and puts residents near major Charlotte area employers Husqvarna and Lowe’s.
Other major employers in the Huntersville area include Rubbermaid, SABIC Innovative Plastics, Irwin Industrial Tools, American Tire Distributors, Presbyterian Hospital, McGuire Nuclear Station, Siegling America, Joe Gibbs Racing and AmeriCredit.
The area’s attractions include Lake Norman, Clark’s Creek Nature Preserve, The Tradition Golf Club, Spare Time Huntersville, SEA LIFE Centre Charlotte, Imax and historic Latta Plantation. Among its major retail centers are Birkdale Village, Northlake Mall, Northcross Shopping Center, Perimeter Woods and Food Lion.
The acquisition expands Cortland’s presence in Greater Charlotte, which now totals 11 communities owned and more than 3,400 units owned or managed.