Blackstone Pays $63M for Upscale Charlotte Community

The seller and developer financed the project with a $28.7 million construction loan from First Tennessee Bank in 2017.
The Palmer Apartments. Image courtesy of Dominion Realty Partners

A partnership between Dominion Realty Partners and Edge Principal Advisors has sold The Palmer Apartments, a 318-unit community in Charlotte, N.C., to the Blackstone Group for $63 million.

The Class A community encompasses 11 three-story buildings delivered in 2019. The unit mix has one-, two- and three-bedroom apartments with sizes between 613 and 1,262 square feet. Resident amenities at the property include a resort-style pool, a 4,500-square-foot clubhouse, a fitness center and a fully-equipped internet café.

The property is a short distance from Interstate 485 and roughly 10 miles southwest of downtown Charlotte. 

The sellers acquired the 19-acre site at 7407 Dominion Park Lane for $5.3 million in 2017. First Tennessee Bank originated a $28.7 million development loan for the residential project, according to Yardi Matrix data.

The Walker & Dunlop investment sales team that negotiated on behalf of the seller included Chief Operating Officer & Managing Director Kris Mikkelsen and Managing Director Elliot Howell. Last year, Mikkelsen, along with colleague Telly Fathaly, arranged the $80.8 million sale of Broadstone Gulch, a 238-unit upscale community in Nashville, Tenn.