JV Sells Charlotte Community for $63M
The project broke ground in early 2014 and delivered the first units in late 2015.
Charlotte, N.C.—Ram Realty Services and LMC announced the sale of Midtown 205, an apartment community located at 205 S. Kings Drive in Charlotte, N.C. to CWS Capital Partners for $63.35 million. Ram and LMC formed a joint venture partnership in 2013 to develop the community in a pedestrian-friendly location alongside Metropolitan, Midtown’s premier shopping plaza located minutes away from downtown. The project broke ground in early 2014 and delivered the first units in late 2015.
The 261-unit community offers studio, one- and two-bedroom floor plans ranging from 517 to 1,162 square feet, according to Yardi Matrix. Residents have access to amenities such as a fitness center featuring separate yoga and cycling rooms, a clubhouse, a swimming pool, an outdoor kitchen with a television and fireplace, 374 parking spaces and the 8,630 square feet of retail included within the community. In-unit features include custom-designed cabinetry, nine-foot ceilings, stainless-steel appliances, granite countertops, light-filled interiors and skyline views in select units. Midtown 205 is in close proximity to the Charlotte streetcar, the Little Sugar Creek Greenway trails, I-277 and US Route 74.
“Demand for high-quality apartment housing continues to grow in the popular Midtown submarket and Midtown 205 made the most of it, consistently outperforming its closest competitors,” said Jennifer Stull, managing director of Asset Management for Ram. “Its trend-setting design and walkable location made it one of the most desirable communities to both residents and potential buyers in the region.”
Image courtesy of Yardi Matrix