Fortune Holdings Pays $50M for Charlotte Trio
This was Charlotte's largest Class C portfolio transaction by unit count and total amount executed year-to-date.

Fortune Holdings LLC has acquired three communities totaling 496 units in Charlotte, N.C., for $49.7 million. The deal was the largest Class C portfolio transaction by unit count and total amount this year so far.
Lucern Capital Partners sold the 274-unit Scarlet Pointe and the 102-unit Townhomes at Wisteria Hills, according to Yardi Matrix information. Robinson Realty sold the 120-unit Ravenwood Hills Apartments.
The buyer took out two acquisition loans totaling $43.4 million from Lendmarq, an institutionally- backed lender, the same data source shows. Capstone Cos. and Deaton GREA represented the sellers.
Three value-add communities
The 1971-completed Townhomes at Wisteria Hills encompasses 15 two-story buildings spread across almost 15 acres. The apartments consist of two-bedroom floorplans measuring 1,000 square feet. Common-area amenities include a swimming pool and some 180 parking spaces. The property is at 1120 Marble St.
Scarlet Pointe came online in two phases between 1971 and 1974 and encompasses 27 one- and two-story buildings across 24 acres. The unit mix comprises one-, two- and three-bedroom layouts ranging from 675 to 1,075 square feet. Amenities include two swimming pools and clubhouses, a fitness center, a dog park and a business center, as well as some 530 parking spots. The community is located at 180 Park Fairfax Drive.
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Delivered in 1972, Ravenwood Hills features seven two-story buildings with one-, two- and three-bedroom floorplans between 750 and 950 square feet. The 6-acre property is at 903 Lynn St.
The three communities are in the West Charlotte market, within a 2-mile radius of each other and some 7 miles from Charlotte Douglas International Airport. Downtown Charlotte is within 8 miles.
Capstone’s Ron Corrao and Eric Liebich, together with Matt Weinstein, Dane Lozier, Mike Mosher, Josh Greenwald and Scott Fuller, arranged the deal for the sellers. Michael Deaton of Deaton GREA also assisted Lucern Capital.
Charlotte multifamily prices drop year-over-year
The Charlotte metro saw 14 communities—some 2,130 units—change hands year-to-date through April for a combined $402 million, Yardi Matrix information shows. Although the number of properties trading during last year’s same period was identical, the investment volume witnessed a $200 million decline as the average price per unit dropped year-over-year from $249,444 to $128,830.
In February, Napali Capital sold Residences at Belmont, a 176-unit multifamily property in Belmont, N.C. URS Capital purchased the garden-style asset.
A month earlier, Community Solutions entered the Charlotte market with the acquisition of the 216-unit Park at Ferentino. Stonecutter Capital Management sold the asset for almost $31 million.