Charlotte Multifamily Roundup – November 2020
- Dec 02, 2020
Charlotte’s multifamily market continues to draw strong institutional investor interest, thanks in part to recent population growth and a diversifying economy. Although transactions had initially slowed earlier in the year, a number of major deals closed in November. Similar to last month, most deals involved higher-end properties in suburban settings. Here’s our November list of Charlotte must-knows:
1. DEAL – Greystar pays $121 million for two suburban communities.
Waypoint Real Estate Investments traded the 660-unit portfolio. The largest asset in the deal—the 348-unit Barrington Place at 2410 Allerton Way in Charlotte—fetched a $63 million price tag, while Waterlynn Ridge in Mooresville went for $58 million. The two properties have now been rebranded as Avana Avebury and Avana Lake Norman. JLL represented the seller, also securing $83.3 million in financing for Greystar through Fannie Mae, Yardi Matrix shows.
2. DEAL – Nuveen makes $74.5 million Ballantyne move.
Brookfield Asset Management sold the 295-unit Apartments at Blakeney seven years after acquiring it from Northwood Ravin for $53.2 million, according to Charlotte Business Journal. The community, located 15 miles south of downtown Charlotte at 8718 Wintersweet Lane, was built in 2007. The Class A property has one- to three-bedroom apartments and an amenity mix including a swimming pool, detached garages, grilling areas and a 24-hour fitness center.
3. DEAL – Capstone closes $51.3 million Rock Hill sale.
Southwood Realty acquired the 312-unit Gateway at Rock Hill from Graycliff Capital. As part of the deal, the buyer assumed a $33 million CMBS loan originated by Grandbridge Real Estate Capital in late 2017, according to Yardi Matrix. The property, located at 820 Sebring Drive, opened in 2017 and was 97 percent occupied at the time of the sale. Capstone’s Austin Green, Caleb Troop and Alex McDermott represented the seller.
4. DEAL – TPG Real Estate buys 887-bed student housing asset.
Preferred Apartment Communities traded the 332-unit RUSH near the University of North Carolina at Charlotte for $95.3 million, as reported by Charlotte Business Journal. The asset opened in 2018 under the name Haven49, a nod to developer Haven Campus Communities. The property at 9200 University City Blvd. includes one-, two-, four- and five-bedroom units and offers amenities such as gaming areas, a fitness center with classes, a study lounge and a tanning room.