Greystar Sells Luxury Community in Charlotte
The property came online in 2024.
Sherman Residential has purchased Elan Prosperity Village, a 300-unit luxury community in Charlotte, N.C. Greystar was the seller of the property that came online in 2024, Yardi Matrix data shows. The new owner has rebranded the asset as The Wrenley.
Pinnacle Financial Partners originated a $47.5 million construction loan for the property in 2022, with a due date in March of this year, according to the same source.
Located at 2020 Winters Eve Drive in a Difficult Development Area, the 11-building community spans some 16 acres. Rising three stories, The Wrenley includes studio, one- and two-bedroom floorplans averaging 939 square feet.
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All units have washers/dryers and some comprise private patios and balconies. The pet-friendly community includes several shared amenities such as a clubhouse, a fitness center, a swimming pool, a pet park and more than 440 parking spaces.
A few dining options are within walking distance of The Wrenley. Prosperity Shopping Plaza sits half a mile to the west, while an ALDI can be accessed about 1 mile north. Charlotte is some 14 miles south.
The sale marks the second transaction between the companies in recent months within the Charlotte metro. Last October, Sherman picked up Axis at the Park, another luxury community. Sherman’s current southeast portfolio comprises only these two assets, according to Yardi Matrix information.
