A partnership including Magma Equities and funds managed by Franklin Templeton has purchased Cameron SouthPark, a 309-unit apartment community in Charlotte, N.C., in an off-market transaction, for $79.3 million. Magma Equities is planning to upgrade the property’s exterior, common areas and unit interiors.
Built in 1984 and renovated in 2016, the 26-building Cameron SouthPark offers one- and two-bedroom apartments. Community amenities include two resort-style swimming pools; sand volleyball, basketball and tennis courts; a dog park and a clubhouse with a fitness center.
Located at 6316 Forest Lane on 35 acres, in the SouthPark area, the property is within a 30-minute commute to more than 200,000 jobs in Downtown Charlotte and University City, according to the new owner. Cameron SouthPark is close to several golf clubs and parks, as well as the SouthPark Mall, which is located 2 miles north.
Cameron SouthPark is the company’s first investment in Charlotte. However, the firm’s portfolio also includes more than 1,000 units in the Raleigh-Durham area, mostly acquired during the past two years, according to Yardi Matrix data.
While based in California, Magma Equities is rapidly expanding its portfolio across the South and Southeast U.S., focusing on both Class A and value-add Class B garden-style communities. During the past two quarters, the firm expanded in metros such as Dallas and Knoxville, buying almost $250 million in communities totaling some 1,500 units.