FCP Pays $18M for Charlotte Community

The acquisition included the assumption of a $10.3 million CMBS, Fannie Mae-issued loan, set to mature in 2024.
Somerset. Image courtesy of FCP

After recently selling the 264-unit Plantation Oaks in Charleston, S.C., FCP has acquired the 240-unit Somerset in Charlotte, N.C., from EB Real Estate Group for $18 million. Yardi Matrix data shows that the new owner assumed the outstanding balance of a $10.3 million CMBS, Fannie Mae-issued loan. The financing is set to mature in 2024 and includes a 4.3 percent fixed interest rate.

Located at 1400 Ventura Way Drive, adjacent to Interstate 85, the community is close to the LYNX Light Rail Blue Line extension. Additionally, the asset is close to Hunters Point, a 385-unit community FCP purchased in 2017 for $22.2 million, according to Yardi Matrix data. Pinnacle Management already manages the latter and will take over as management company for Somerset. Senior Associate Brooks Colquitt from Cushman & Wakefield’s Southeast Multifamily Advisory Group represented the seller in the deal.

The property comprises a mix of studio, one-, two- and three-bedroom apartments in 16 two-story buildings completed in 1973 on a 19-acre site. Common-area amenities include a clubhouse, pool with grilling area and a sports court. As of July, the asset was 93.8 percent occupied, per Yardi Matrix data.