Carroll Org. Pays $39M for Charlotte Community

CBRE provided the buyer of the 268-unit luxury multifamily asset with more than $27 million in acquisition financing through Freddie Mac.
ARIUM Mooresville. Image courtesy of Yardi Matrix

Hawthorne Residential Partners has sold Hawthorne at Mooresville, a 268-unit Class A community near Charlotte, N.C., to Carroll Org. for $38.9 million, according to Yardi Matrix data. The new owner rebranded the luxury asset as ARIUM Mooresville and financed the acquisition with a seven-year, $27.2 million Freddie Mac mortgage from CBRE.

The property is located at 175 Carriage Club Drive in Mooresville, N.C., less than 30 miles north of downtown Charlotte. The asset is near Interstate 77 and a stone’s throw from several retail assets offering a variety of shopping and dining options. Several other communities are positioned within 2 miles of ARIUM, including the 227-unit Fountains at Mooresville Town Square, which traded last summer for $33 million.

Constructed in 1999, ARIUM contains a mix of one- to three-bedroom units, with 10 different floorplans ranging between 759 and 1,188 square feet. Amenities include a tennis court, playground and swimming pool. As of April, the community was 98.9 percent occupied per Yardi Matrix, outpacing the submarket average of 95.6 percent.