Charlotte Community Commands $82M
- Sep 24, 2019
Lindemann Multifamily Management has acquired Overton Row, a new, 323-unit apartment community in Charlotte, N.C., for $82 million. The company purchased the asset from CampusWorks Development, Kaplan Residential and an affiliate of The Carlyle Group.
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Located at 1201 Central Ave., the five-story property began delivering units last year and is around 93 percent occupied, according to Yardi Matrix data. Units range in size from studios to two-bedroom layouts, and community amenities include a fitness center, clubhouse and saltwater pool.
The property is situated in the Plaza Midwood neighborhood, an area popular with young professionals just east of the city’s central business district. Overton Row sits on a 4.3-acre site that wraps around The Thirsty Beaver, a 1,100-square-foot bar fronting Central Avenue whose owner refused to sell to the project’s developers.
A Cushman & Wakefield team of Marc Robinson, Jordan McCarley and Watson Bryant represented the sellers in the transaction. The deal marks the first Charlotte acquisition for Lindemann Multifamily Management, a real estate investment firm with properties across Florida and Tennessee. George Lindemann, the company’s founder, noted in a statement that the firm saw opportunity in an institutional-quality, mid-rise asset within the walkable urban core.
Lindemann Multifamily Management last October picked up Addison on Millenia, a 292-unit luxury property in Orlando, Fla., from a joint venture of ContraVest, Case Pomeroy and BBX Capital for $63.8 million.