Charlotte Multifamily Wrap-Up – June 2020

Luxury asset trades for $20 million. RKW expands management portfolio. Here’s our June selection of Charlotte must-knows.
Charlotte. Image via Pixabay.com

Following a major statewide increase in COVID-19 cases, Charlotte faces an uncertain future. Governor Cooper extended the state’s second reopening phase through July 17 and added a mandatory face mask requirement for public spaces. Although the state’s eviction moratorium expired June 21, Charlotte’s city government is examining options to handle a possible spike in eviction filings, according to Charlotte Business Journal. Activity across the metro’s multifamily sector slowed throughout the month, though a few deals continued to trickle through the pipeline. Read our June selection of Charlotte must-knows:  

1. DEAL – Upscale community changes hands for $20.1 million.

Sherman Residential purchased the 64-unit 511 Queens Apartments from Faison Enterprises. Nationwide provided a five-year, $10.5 million acquisition loan, according to Yardi Matrix data. Located on 2 acres at 511 Queens Road, the community opened its doors in 2018. The unit mix has two- and three-bedroom apartments, and amenities include a business center, clubhouse and outdoor kitchen.

2. PEOPLE – Six Rock Properties hires chief project officer.

John Evans joined the Charlotte-based manufactured housing company, bringing 17 years of experience to his new role. His responsibilities include managing the company’s value-add investments and assisting the firm in growing its portfolio outside of North Carolina. Prior to joining Six Rock, Evans held various positions at BP, DOW Chemical, GE and Shell and has owned and managed a number of manufactured housing communities.

3. FINANCING – Senior community gets $19.8 million loan.

BridgeForth Capital landed the refinancing package for HarborChase of Riverwalk, an 88-unit, 92-bed assisted living and memory care community in Rock Hill, S.C. The new mortgage replaced a $17.5 million note from OZ Real Estate in 2018. Cushman & Wakefield worked on behalf of BridgeForth to secure the financing. Located 21 miles from downtown Charlotte at 749 Dunkins Ferry Road, the property has 63 assisted living units and 25 memory care units.

4. PEOPLE – Middleburg Communities hires acquisitions director.

Kyle Chase’s new role involves sourcing acquisitions of middle-market Class A and targeted workforce housing assets across Texas and metros in the Southeast. Chase’s multifamily career began at Greystar, followed by a role as an investment sales broker for The Kirkland Co. Prior to joining Middleburg, he was a director with Cushman & Wakefield. During his time as a sales broker, Chase closed transactions of residential assets totaling more than $1 billion.

5. OPERATIONS – RKW Residential expands management portfolio.

The company started managing five assets totaling more than 1,500 units in North Carolina and Florida, including Blu at Northline, a 377-unit Charlotte property. The community has one- to three-bedroom floorplans, and amenities include a pool, gym and business center. Panorama Holdings developed the property at 2508 April Liu Lane in 2018.