Hamilton Point Pays $57M for Charlotte Property
The acquisition represents a 29 percent premium to the asset's previous sale price.
Hamilton Point Investments has acquired Pavilion Village, a 294-unit community in Charlotte, N.C. Pearlmark Real Estate and BCAP Properties sold the asset for $56.8 million. JLL Capital Markets represented the sellers and procured the buyer.
Hamilton Point financed the purchase with a $36.7 million Freddie Mac loan originated by KeyBank, according to Yardi Matrix information. The note has a maturity date set in 2031.
The acquisition represents a 29 percent premium to the asset’s previous sale price. Pearlmark had bought Pavilion Village in 2019, through a joint venture with MLA Properties. At the time, the duo paid $44 million for the property.
A garden-style community in Northeast Charlotte
Completed in 2015, Pavilion Village is a garden-style community occupying 26 acres at 131 Gracyn Olivia Drive. It was 96 percent occupied at the time of sale.
The property is in the Northeast Charlotte submarket, in an area with major employers and corporate hubs spread across University Research Park. The asset is also close to Interstate 485, a beltway connecting suburban hubs to the city center. Downtown Charlotte is 16 miles away, while its international airport is 19 miles southwest.
Pavilion Village includes 13 buildings rising three stories. The unit mix includes one- to three-bedroom floorplans with an average size of 910 square feet. Interiors feature in-unit washers and dryers, wood flooring, pantries, walk-in closets and private balconies. Common-area amenities comprise a swimming pool with sundeck, fitness center, business center, clubhouse, a dog park and 530 parking spots.
JLL Managing Directors John Gavigan and John Mikels, Senior Director Ben Bury, Director Chase Monroe and Analyst McCullough Campbell negotiated on behalf of the sellers.
Investment activity moderates in metro Charlotte
Charlotte’s multifamily market is rebalancing across multiple key metrics, according to a recent Yardi Matrix report.
The metro’s multifamily transaction volume hit $552 million in the first six months of the year. The figure marked a 11.3 percent drop from the amount recorded during the same period last year.
In one of the transactions that closed during the interval, Southwood Realty purchased Laurel View Apartments, a 174-unit community, for $41.4 million or roughly $237,874 per unit.
More recently, Tishman Speyer paid $76.3 million for a six-story residential building, marking its first purchase in the metro. Berkshire Residential sold the luxury asset located between the city’s West Midtown and the historic Dilworth neighborhoods.
