Eller Capital Returns to Charlotte With $22M Buy

PGIM Real Estate sold the 140-unit community after picking it up in 2007.

The Reserve at Waterford Lakes. Image courtesy of Eller Capital Partners

Eller Capital Partners has paid $21.8 million for The Reserve at Waterford Lakes, a 140-unit community in Charlotte, N.C. PGIM Real Estate, an arm of Prudential Financial, sold the property, Yardi Matrix data shows. The asset last changed hands in 2007, when Pearlmark Real Estate Partners sold it for $13.5 million.

JLL originated a $14 million Fannie Mae loan for the purchase, Mecklenburg County records indicate. The brokerage also represented the seller in the transaction, according to a statement.

The new owner will invest in a significant renovation program on the property, which will include replacing the flooring and plumbing and adding sustainable lighting in the apartments. Located on 8 acres at 8725 Kody Marie Court, the community encompasses six buildings completed in 1998. The unit mix has one- and two-bedroom floorplans with sizes between 717 and 1,237 square feet. The amenity package includes a fitness studio, swimming pool, clubhouse, media room and business center.

The transaction marks Eller Capital’s re-entry into the Charlotte metro, after selling two properties it owned in 2015. The company previously owned the 220-unit The Forest at Chasewood, which it sold for $12.8 million to Peak Ridge Capital Group, and the 98-unit Laurel Walk, which Investors Management Group bought for $7.4 million, according to Yardi Matrix.

In July 2019, Eller Capital Partners acquired Crest at West End, a 188-unit community in Carrboro, N.C. A partnership between PGIM and CARROLL Organization sold the asset.

The JLL team that assisted PGIM Real Estate in the sale of The Reserve at Waterford Lakes included Andrea Howard, John Currin, Allan Lynch, Caylor Mark, Jeff Glenn and Sara Wagman.

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