Eller Capital Partners Sells Charlotte Community for $12.8M
Forest at Chasewood Apartments, a 220-unit community located in Charlotte, was recently sold by Eller Capital Partners to an out-of-state investor.
Charlotte, N.C.—Eller Capital Partners and affiliate PEG Capital Management recently sold a Charlotte multifamily community to an out-of-state investor. The property in question was Forest at Chasewood Apartments, which sold for $12.8 million.
Located at 1600 Chasewood Drive, Forest at Chasewood Apartments features 220 units with studio, one- and two-bedroom apartment floorplans. Community amenities include a resort-style swimming pool, carwash center, two laundry facilities and resident activity program.
“The Forest at Chasewood is located in an area of Charlotte that has undergone significant revitalization over the last few years,” said Daniel Eller, president & CEO of Eller Capital Partners. “We acquired the property at a time when its operations were distressed and we were able to very quickly improve and optimize the performance. As return-driven investors, the timing is right for us to sell, but I have no reason to believe that either the property or the Monroe Road corridor will do anything but continue to improve over the next few years.”
This property is the second Charlotte apartment community that Eller Capital Partners has sold in the last few months. In August 2015, it sold Laurel Walk Apartments on Providence Road for $7.3 million to a Los Angeles-based multifamily real estate investor.
Image courtesy of Forest at Chasewood Apartments