Charlotte Multifamily Wrap-Up – September 2020

The Connor Group makes $101.6 million buy. Luxury community opens near LYNX station. Read our September selection of Charlotte must-knows.
Mosby University City. Image courtesy of Middleburg Communities

Real estate hummed along across North Carolina in September, as the coronavirus health crisis recorded a slight stabilization, at least when compared to the previous month, with both new COVID-19 cases and hospitalizations dropping. Meanwhile, business activity recorded an uptick and the state entered Phase 3 of lifting restrictions on Oct. 2. With the area economy in recovery phase, September also brought significant activity for Charlotte’s multifamily sector, with both transactions and development marking headline-worthy progress. Read our September list of Charlotte must-knows: 

1. DEAL – The Connor Group grows footprint with $101.6 million buy.

The company acquired the 205-unit Cielo and the 266-unit Greenway at Mallard Creek from Weinstein Properties. Newmark Knight Frank secured two Freddie Mac loans totaling $78.7 million, Yardi Matrix shows. Located at 8230 Greenway Village Drive, Greenway at Mallard Creek has one- to three-bedroom apartments in 16 buildings completed in 2004. The LEED Silver-certified Cielo at 4943 Park Road features a variety of floorplans averaging 1,075 square feet.

2. DEAL – Stonebridge pays nearly $41 million for 264-unit asset.

The company bought Magnolia Terrace from RADCO Cos. The transaction was part of a seven-property disposition across the South, with the seller closing all deals on the same day. The buyer secured the acquisition with the help of a $32.6 million Freddie Mac loan, according to Yardi Matrix. Located at 8301 Paces Oaks Blvd., the property consists of 13 three-story buildings completed in 1989. The unit mix features one- to three-bedroom floorplans averaging 917 square feet.

3. DEVELOPMENT – Luxury community opens near University City Boulevard station.

Middleburg Communities and The Mattoni Group broke ground on the 309-unit Mosby University City this March. Regions Bank provided a $38.5 million construction loan for the project, Yardi Matrix shows. Located some 7 miles from the city center at 404 Gallop Lane, the transit-oriented property has one- to three-bedroom apartments in four four-story buildings. Amenities include a fitness center, clubhouse, saltwater pool, dog park and spa, as well as a tree sanctuary.

4. DEAL – Taft Family Ventures makes $48 million Matthews purchase.

Dasmen Residential sold the 288-unit Cove at Matthews, the sale being subject to a $38 million Fannie Mae loan from Arbor Realty Trust, according to Yardi Matrix. The 1988-built community at 1701 Gander Cove Lane encompasses 28 two- and three-story buildings with one- and two-bedroom floorplans. Amenities include a swimming pool, business center and fitness center, among others. The 21.7-acre property is roughly 11 miles southeast of downtown Charlotte.

5. FINANCING – LIV Development lands $35.5 million for luxury asset near Lake Wylie.

Truist Bank provided the refinancing for the 274-unit Newton Apartments. The developer broke ground on the community in 2017, taking out a $29.1 million construction loan from the same bank, Yardi Matrix shows. Completed earlier this year on 18 acres, the community at 15902 White St. is some 17 miles from downtown Charlotte. The three-story buildings house one- to three-bedroom floorplans averaging 1,036 square feet.

6. DEAL – Student housing community changes hands in $478.7 million portfolio sale.

Preferred Apartment Communities sold the 887-bed Rush to TPG Real Estate Partners in an eight-property portfolio transaction marking PAC’s exit from the student housing sector. The 332-unit community at 9200 University City Blvd. is across from the UNC at Charlotte campus. Completed in 2018, the building features one- to five-bedroom units. Amenities include a swimming pool, fitness center and cyber-lounge with charging stations.