Gingko Residential Nabs NC Condos

The acquisition marks the firm's first higher-end, mixed-use property in its portfolio.

By Laura Calugar

Matthews Lofts in Matthews, N.C.

Matthews Lofts in Matthews, N.C.

Charlotte, N.C.Ginkgo Residential recently purchased, through its investment affiliate, an 81-unit condo development in Matthews, N.C. According to Yardi Matrix data, the Matthews Lofts also includes 8,520 square feet of office space, as well as 22,285 square feet of retail space. BrookChase Properties is the former owner of the property. The price of the acquisition was not disclosed.

Located at 921 Park Center Drive, the property provides easy access via I-485 and Independence Boulevard, a major artery connecting Matthews to uptown Charlotte. The development is also less than a mile away from the Novant Health Matthews Medical Center.

Matthews Lofts comprises 81 one- and two-bedroom apartments. The 7-acre community has five three-story buildings. The common area amenities include a fitness center, business center, clubhouse and 65 parking spaces.

The Big Idea, Rocky Mountain Chocolate Factory, Wayback Burgers and 9Round Kick Boxing are amongst the property’s commercial tenants.

“We are excited about adding our first higher-end, mixed-use property to our portfolio. While Matthews Lofts represents a new concept for Ginkgo, its location in downtown Matthews, its proximity to employment, health care and entertainment opportunities and the walkability offered by the site are all consistent with Ginkgo’s core principles,” said Philip Payne, CEO of Ginkgo Residential, in prepared remarks.

Ginkgo Residential is a significant operator of apartment communities located primarily in the southeast region of the U.S. In July 2016, the company purchased the 128-unit Parkwood East Apartments in Charlotte.

Image via Google Street View

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