Charlotte Multifamily Wrap-Up – May 2020

Hawthorne Residential sells suburban asset for $50 million. Terwilliger Pappas finalizes $44 million disposition. Catch up with our May list of Charlotte must-reads.
Hawthorne at Lake Norman. Image courtesy of JLL

Charlotte’s multifamily sector came to life in May, with a handful of major deals closing. North Carolina is now in the second phase of its reopening process, which may further spur increases in development and investment activity in the coming months. However, a recent spike in COVID-19 cases across the state could spell future uncertainty as many businesses remain shuttered. Here’s our May selection of Charlotte must-knows:

1. DEAL – Hawthorne Residential makes $50 million suburban disposition.

PassiveInvesting.com purchased Hawthorne at Lake Norman, a 232-unit Class A community in Mooresville. JLL Capital Markets assisted the seller, procured the buyer and facilitated acquisition financing. The $35 million, fixed-interest Freddie Mac loan matures in 2030, Yardi Matrix shows. The 18-building community opened in 2013 and is located at 118 Plantation Creek Drive. At the time of the deal, the property was 97 percent leased.

2. DEAL – Monroe property trades for $26.2 million.

Tyson Group sold Nottingham, a 279-unit community, to Interurban Cos. Cushman & Wakefield negotiated the deal on behalf of the seller. The new owner received a $16 million acquisition loan from Western & Southern Financial Group, according to Yardi Matrix. Located on 29 acres at 2613 Nottingham Lane, the property’s 21 three-story buildings opened between 1993 and 2001.

3. PEOPLE – Savills makes two key hires.

The brokerage strengthened its tenant representation team with the addition of Senior Managing Director Maxwell Hanks and Managing Director Tommy Beecher. The two professionals bring more than 40 years of combined experience to their new roles. Prior to joining Savills, Hanks served as managing director at Spectrum Cos. Beecher was previously a vice president with The Remi Group.

4. DEAL – Terwilliger Pappas closes 230-unit community sale.

Myers Apartment Group acquired Solis Keltonwood at Berewick for $43.9 million. The buyer financed the purchase with a 10-year, $26.4 million loan from Nationwide Life Insurance Co., according to Yardi Matrix. Located on 11 acres at 5620 Keltonwood Road in Charlotte, the five-building community opened its doors earlier this year. The property is a short distance from Interstate 485 and 15 miles from downtown Charlotte.