318-Unit Charlotte Community Changes Hands
- Nov 29, 2018
American Landmark has acquired The Oaks, a 318-unit garden-style community in Charlotte, N.C. According to Yardi Matrix data, the property last traded in 2015, when Cortland Partners purchased it for $31.2 million from McDowell Properties. The Oaks is American Landmark’s sixth asset in the Charlotte market, with the company having recently bought two other communities totaling 651 units.
Located at 4915 Misty Oaks Drive, The Oaks is just 15 minutes north of downtown, in the West Sugar Creek area. The community features one- and two-bedroom apartments spread across 18 buildings. Amenities include:
- a swimming pool
- basketball court
- fitness center
- dog park
- tennis court
- 400 parking spaces
The property was 94 percent occupied at the time of sale. The 1996-built asset is set to undergo interior and exterior upgrades. American Landmark intends to invest approximately $2.3 million into improvements. In-unit enhancements are set to include stainless steel appliances, new kitchen cabinets, granite countertops, smart thermostats, USB plugs and Bluetooth speaker lighting fixtures. Furthermore, renovations of the overall community are also planned and will feature a new pet grooming station, a package locker system and new landscaping.
“Charlotte is one of the fastest-growing metro areas in the U.S. and added almost 200,000 jobs over the past five years. We anticipate the demand for apartments to outpace supply for many years to come,” said American Landmark Chief Investment Officer Christine DeFilippis, in prepared remarks.
Image courtesy of American Landmark