Charlotte Multifamily Wrap-Up – March 2020
- Mar 30, 2020
The first part of March saw its fair share of activity in Charlotte’s multifamily sector. A new developer entered the market, breaking ground on a 352-unit project in University City and two communities on opposite sides of Interstate 485 sold together for $94 million. However, market activity slowed drastically in the second half of the month. As concerns over the new coronavirus escalated, Mecklenburg County issued a stay-at-home directive on March 26, with a statewide order following four days later. Catch up on our selection of Charlotte’s March must-reads:
1. DEVELOPMENT – Arlington Properties begins University City project.
The company broke ground on Tapestry University City, a 352-unit luxury development located on University City Station Boulevard, roughly 2 miles from the University of North Carolina’s Charlotte campus. The property will have one- to three-bedroom floorplans. Amenities include a 7,000-square-foot clubhouse, 24-hour fitness center and swimming pool. The project is expected to be completed in 2021.
2. DEAL – Suburban Gastonia community trades for $16.8 million.
Somerset Apartment Management acquired the 144-unit Walker’s Ridge from American Residential Investment Management, according to public records. As part of the deal, the new owner assumed a $10.4 million Fannie Mae loan, originated by Grandbridge Real Estate Capital in 2018. The note carries a 4.87 interest rate with a three-year interest-only period and matures in 2033. The 13-building, garden-style property opened its doors at 1100 Robinwood Road in 1990.
3. FINANCING – Terwilliger Pappas takes loan for 256-unit development.
Preferred Apartment Communities provided the $13.4 million financing package for Solis Chestnut Farm, a Class A multifamily project 16 miles south of downtown Charlotte. Plans for the 31-acre site—located at the intersection of Matthews Weddington Road and Chestnut Lane—call for six three-story buildings.
4. DEAL – IMG makes $94 million South Charlotte portfolio buy.
Investors Management Group acquired the 252-unit Whitehall Estates and the 318-unit Stone Ridge Apartments from Gamma Real Estate. The new owner plans to implement a value-add improvement plan at both properties, investing more than $7,500 per unit. Located at 2400 Whitehall Estates Drive and 8940 Camden Creek Lane, the two communities came online in 1996 and 2001. Cushman & Wakefield arranged the transaction.