Interurban Trades NC Community for $13M

The 144-unit multifamily property is located in a western suburb of Charlotte and contains a mix of one-, two- and three-bedroom apartments.

Walker’s Ridge Apartments in Gastonia, N.C.

Interurban Corp. has sold Walker’s Ridge, a 144-unit community near Charlotte, N.C. The buyer, American Residential Investment Management, paid $13 million for the asset, according to public records.

Grandbridge Real Estate Capital provided a $10.4 million acquisition loan to the buyer through Fannie Mae’s Standard Delivery/Green Rewards program. The seller picked up the community in 2008 for $9.6 million from SYNCO Properties, according to Yardi Matrix.

Located at 1100 Robinwood Road in the western suburb of Gastonia, the 13 garden-style buildings sit 20 miles west of downtown Charlotte. The property’s 16-acre parcel is within two miles of Interstate 85 and the busy Franklin Boulevard retail corridor.

Forested setting

Built in 1990, the wooded community offers a mix of one-, two- and three-bedroom units, each containing between 708 and 1,136 square feet. On-site amenities include a clubhouse, a fitness center, a saltwater swimming pool, laundry facilities, a playground and a gated entryway. Approximately 295 parking spaces are available for residents.

In March 2018, Grandbridge provided a nonrecourse refinancing package totaling more than $25 million near Atlanta.

Image courtesy of Yardi Matrix

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