Cortland Sells Charlotte Community for $107M
- Jul 08, 2019
LivCor has acquired Anson at the Lakes, a 694-unit Class B community in Charlotte, N.C., for $107 million from Cortland, according to Yardi Matrix. The seller had purchased the multifamily asset from Laramar Group for $60.2 million in February 2015. The new owner has selected Bell Partners to oversee property management.
The deal more than doubles LivCor’s Charlotte portfolio, now standing at 1,364 units. The investor has acquired more than 12,000 units so far this year, per data from Yardi Matrix. In May, the firm paid nearly $39 million for a 240-unit property in Atlanta.
Located at 8000 Waterford Lakes Drive, just east of the intersection of interstates 77 and 485, the community’s 33 buildings are situated roughly 8 miles south of downtown Charlotte. The asset is within 1 mile of two stations on the metro’s light rail lines, and the South Boulevard retail corridor is a stone’s throw away.
The property opened in two phases—the first in 1991, the second in 1994—and comprises a mix of one-, two- and three-bedroom units with floorplans ranging from 622 to 1,208 square feet. On-site amenities include two swimming pools, a dog wash area, a bike repair station and a 24-hour business center. The community was 94.1 percent occupied as of May, according to Yardi Matrix.