In a transaction marking its initial Tar Heel State acquisition, Hamilton Zanze has acquired Blu at Northline Apartments in Charlotte, N.C.
Built in 2018 at 2508 April Liu Lane in the city’s Hidden Valley neighborhood, 25 minutes from downtown Charlotte, the 377-unit community was 95 percent occupied at the time of purchase.
Offered in a range from studio to three-bedroom floorplans, the residences feature wood-inspired flooring, walk-in closets, ceiling fans in bedrooms and living areas, Shaker-style cabinets with chrome finishes and subway tile kitchen backsplashes. A poolside hammock station is include in the list of common-area amenities.
The Kirkland Co.’s North Carolina team, led by Dennis Harris, Matt Behr and Austin Haney, arranged the sale.
“Our entire team worked diligently with all parties involved to close this transaction,” Dave Nelson, Hamilton Zanze’s chief transactions officer, told Multi-Housing News.
“Given that we were able to complete this closing and enter a new market during these pandemic times is a testament to the strength of Hamilton Zanze as an investment firm. Blu at Northline will provide our investors with an excellent opportunity to invest in the rapidly-growing Charlotte metro area,” he added.
Hamilton Zanze intends to undertake capital improvements that will include site improvements, building repairs, amenity enhancements and mechanical, electrical and plumbing improvements. Management of Blu at Northline Apartments has been transitioned to Mission Rock Residential, a Hamilton Zanze affiliate.
In addition to being North Carolina’s largest city, Charlotte is also the fastest-growing major city in the state. Major employers include UNC Charlotte, Bank of America’s headquarters and the East Coast headquarters of Wells Fargo. Last month, Hamilton Zanze purchased Enchanted Springs, an apartment community in Colorado.