Inwood Holdings Buys Charlotte-Area Asset for $55M
The luxury community previously traded in 2020 for $50 million.
Inwood Holdings LLC has paid $55 million for Braxton at Lake Norman, a 232-unit multifamily property in Mooresville, N.C. Passive Investing sold the luxury asset in a deal brokered by Northmarq.
The buyer also assumed the outstanding balance of a $34.9 million Freddie Mac loan, public records show. Holder of Bank of America Merrill Lynch originated the acquisition note.
Located within a a Charlotte, N.C., submarket, the townhome-style community previously traded in May 2020, when the company acquired it from Hawthorne Residential Partners for $50 million, Yardi Matrix information shows.
Completed in 2014, the Class A property consists of 18 two- and three-story buildings spread across about 20 acres. The unit mix comprises one-, two- and three-bedroom layouts, ranging between 675 and 1,441 square feet. Apartments feature private balconies or patios, with select layouts also having attached garages.
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Common-area amenities include a saltwater swimming pool with cabanas and sundeck, fitness center with rock climbing wall, car wash station, pet park and spa, business center, clubhouse and EV charging stations. The community also has a green room, cyber café and TV lounge with billiards.
The property is at 118 Plantation Creek Drive, less than 3 miles from downtown Mooresville. Downtown Charlotte is within 25 miles, while Charlotte Douglas International Airport is 28 miles southwest.
Northmarq Regional Managing Director Andrea Howard, Senior Vice Presidents Caylor Mark and John Currin, Managing Directors Allan Lynch and Jeff Glenn, as well as Vice President Austin Jackson, led the team that brokered the deal on behalf of the seller.
Charlotte units trade for less
Metro Charlotte registered $794 million in multifamily sales year-to-date through July, with 28 properties changing hands, according to Yardi Matrix information. Despite a higher transaction volume compared to last year’s same period, when 17 properties traded for $756 million, the average price per unit dropped year-over-year, from $241,520 to $140,294.
In May, Fortune Holdings LLC purchased three assets totaling 496 units in Charlotte for $49.7 million. Lucern Capital Partners sold two of the properties, while Robinson Realty was the seller of the third community.
Other notable deals include Community Solutions’ purchase of The Park at Ferentino, a 216-unit community in the Charlotte area. Stonecutter Capital Management received about $31 million for the asset.
