FCP Snags 4th Charlotte Community

The company paid $22 million for Hunters Pointe Apartments, 386-unit community in the University area. Capstone Apartment Partners represented the seller, Asia Capital Real Estate.

Hunters Pointe Apartments in Charlotte, N.C.

Hunters Pointe Apartments in Charlotte, N.C.

Federal Capital Partners purchased the 386-unit Hunters Pointe Apartments in Charlotte, N.C., for $22 million. The sale was subject to a $17.2 million loan, held by Capital One, according to Yardi Matrix data. Asia Capital Real Estate, the seller of the garden-style community, was represented by Capstone Apartment Partners. The property last traded in 2015, when Asia Capital Real Estate purchased it from Jack Carlisle for $12.9 million.

Located at 1841 Prospect Drive in the University area of Charlotte, Hunters Pointe provides easy access to Interstate 85. The 62-building property includes a clubhouse, a basketball court, two swimming pools and 448 parking spaces. Townhomes and loft-style apartments already feature full-size washer and dryer connections, private patios, individual HVAC units and well-equipped kitchens.

Major rehabilitation

FCP intends to invest more than $2 million in capital improvements, including the addition of a new swimming pool, a new playground, a dog park and grilling stations. Upgrades will also be made to the community’s entrance, leasing office, building exteriors, landscaping and green spaces.

“Hunters Pointe provides FCP with an opportunity to invest in a well-located community that will benefit from capital improvements and repositioning. With the extension of the CATS Light Rail Blue Line and the proximity to major transportation corridors, the University Area and Uptown Charlotte job centers, we believe Hunters Pointe will be a highly attractive option for wage earners in the area,” said FCP Senior Associate Alex Cathcart, in a prepared statement.

The acquisition marks FCP’s fourth investment in the metro. The company also owns the 240-unit York Ridge, the 375-unit Solis Waverly and the 194-unit Solis Ballantyne. Earlier this year, FCP expanded its Florida portfolio with the acquisition of two communities in Tampa for a combined $21 million.

Image courtesy of Federal Capital Partners