Emma Capital Expands In North Carolina with Two Multifamily Properties
- Dec 16, 2015
CHARLOTTE, N.C.—Emma Capital Investments Inc. recently announced the addition of two multifamily properties to its portfolio. The company purchased the properties, Delta Crossing Apartments and Cameron at Hickory Grove, for a combined price of $26.9 million. The garden-style apartment communities are within 1 mile of each other.
Located at 5625 Keyway Blvd., Delta Crossing Apartments was constructed in 1989 and offers 178 units, while the second asset, the 202-unit Cameron at Hickory Grove, is located at 5625 Keyway Blvd. and was constructed in 1987.
Both properties are in the heart of East Charlotte, a strong performer apartment submarket experiencing healthy public and private development. Charlotte leads the Southeast in terms of population growth and emerging industries, and its job growth is outpacing that of the U.S., according to MultiFamilyBiz.com. Demand for the East Charlotte area is also driven by its close proximity to the employment hubs of Uptown and University City. Rental prices at the Delta Crossing Apartments range from $745 to $1,021, and at the Cameron at Hickory Grove rental prices start at $602 and reach $822.
“The Properties offer Emma Capital the rare opportunity to simultaneously acquire two stabilized assets with proven operating performance and upside potential in the strong submarket of East Charlotte,” said Haya Zilberboim, founding partner & co-owner of Emma Capital. “Combining the purchase of the two properties will provide for Emma Capital an immediate substantial presence in the submarket, with the opportunity of offering a variety of floor plans and options to potential residents across the two properties. Further, the proximity of the two properties to each other will allow efficiencies and scalability in staffing, marketing, and operational expenses.”
These are Emma Capital’s first investments in North Carolina and the company’s 12th and 13th acquisitions in the U.S., bringing Emma Capital’s total portfolio to date to approximately 3,000 apartment units.
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