Blaze, True North Acquire Charlotte Property
- Jun 19, 2018
Blaze Partners and True North Management Group have acquired Galleria Village Apartments in Charlotte’s Matthews submarket. This purchase marks the partners’ second in the Charlotte MSA and continues its plan to buy communities throughout the southeast. The property was bought for $30.2 million from Redwood Capital Group, according to Yardi Matrix.
“This transaction represents our continued belief in Charlotte’s dynamism and in particular, that of the Matthews submarket given its strong growth trajectory for rental housing demand,” said Eddy O’Brien, co-founder & managing partner of Blaze. “We are thrilled to be expanding our partnership with True North through an acquisition that fits within our collective value-add approach of buying well-located suburban assets below replacement cost with strong upside potential.”
Located at 1616 Galleria Club Lane, the pet friendly community offers 210 units. Floorplans are offered in one-, two- and three-bedroom apartments ranging from 598 to 1,337 square feet. The community will undergo a capital improvements plan that will upgrade its amenities and renovate select interiors. Current interior features include central air conditioning and heat, spacious closets, fully equipped kitchens with energy efficient appliances, washer/dryer hookups and pantries in select units. Residents have access to amenities such as:
- business center
- on-site laundry facilities
- swimming pool
- car-care center
- on-site maintenance/management
- package receiving
In March, a private New York investor purchased an $11.3 million student housing community in Murfreesboro, Tenn., from True North Management Group. The Blue offers 512 beds and the new owner selected Asset Campus Housing to oversee management.
Image courtesy of Galleria Village Apartments