Emma Capital Expands Footprint in Charlotte
The company acquired the 240-unit Grand Terraces Apartments and the 310-unit Stanford Reserve for $53 million. It plans upgrades on both properties.
By D.C. Stribling, Contributing Editor
Emma Capital Investments Inc. has acquired two properties in Charlotte, N.C.: Grand Terraces Apartments (240 units) at 6000 Regal Estate Lane, and Stanford Reserve (310 units) at 1207 Kelson Ave. The buyer paid a combined price of $53 million for the properties.
The garden-style communities, developed in 1999/2002 and 1986 respectively, are in East Charlotte across the street from each other. Emma Capital plans to combine the administration of the two properties and run them as one community, which it has renamed Avalon Heights Apartments.
Candidates for upgrades
According to Emma Capital partner and co-owner Haya Zilberboim, the majority of the units at the properties feature original interior finishes, making them strong candidates for upgrades by enhancing the finishes and appliances, which will allow substantial rent increases. Also, the proximity of the two assets will allow efficiencies and scalability in staffing, marketing, and operations.
“Charlotte has one of the fastest-growing Millennial populations in the U.S., with a wealth of leading colleges and universities generating a highly educated workforce,” noted partner and co-owner Oz Cohen. “We are attracted to its emerging biotech and energy industries, which solidify a diversifying economy with its historically strong banking industry.”
Emma Capital currently owns two other assets in the submarket, Delta Crossing and the Axiom Apartment Homes (formerly Cameron at Hickory Grove). The new properties are Emma Capital’s fourth and fifth investments in North Carolina and its 24th and 25th acquisitions in the U.S. Along with the recent acquisition of Parc at Dunwoody in Sandy Springs (Atlanta), these purchases bring Emma Capital’s total portfolio to more than 6,000 apartment units.