EverWest Acquires Luxury Property in Charlotte
- Jul 22, 2021
Spectrum Cos. has sold The Mint, a 178-unit property in Charlotte, N.C.’s Uptown market, to EverWest Real Estate Investors. NorthMarq arranged the disposition of the Class A property on behalf of the seller.
Completed in 2015, the mid-rise apartment community is located at 425 W. Trade St. Featuring a brick, stone and stucco exterior, the seven-story building has an average unit size of 909 square feet and totals 161,723 square feet of rentable space. On-site amenities include a fitness center, courtyard, swimming pool, resident clubhouse, lounge and dog run.
The new ownership intends to refurbish the front of the construction, as well as the existing amenities, and finalize unit upgrades such as new plank flooring, updated kitchen and bathroom cabinets, designer lighting and hardware fixtures. Improvement plans also call for a full technology package.
The property, located in the proximity of the Queen City’s center, provides access to interstates 77 and 277. Besides the dining venues surrounding the community, the Truist Field ballpark and Bank of America football stadium are also nearby. In addition, some 28 million square feet of office space is waiting for reopening.
NorthMarq’s Managing Director Allan Lynch and Senior Vice President of the Carolinas Multifamily Investment Team Caylor Mark brokered the transaction.
A promising secondary market
According to a recent Charlotte multifamily market report by Yardi Matrix, the metro’s affordable cost of living, combined with robust financial activity in this secondary market, pushed up rents in the third consecutive quarter. Rates increased 0.3 percent on a trailing three-month basis through March, to $1,251.
Charlotte, which is one of the nation’s top banking centers, has seen the creation of more than 2,100 new jobs year-over-year, The metro continues to draw in companies such as InterContinental Capital and Robinhood Markets. InterContinental, a direct lending mortgage bank, plans to add some 500 new jobs in the area, while financial services firm Robinhood will open its first headquarters in Charlotte, with 400 new positions to be filled.