Geller Associates Buys $23M Charlotte Apartments
- Oct 10, 2018
Geller Associates has acquired the Fields at Archdale, a garden-style apartment community in Charlotte, N.C., for $22.6 million. The firm purchased the property from Elite Street Capital. Hunt Real Estate Capital provided a $18.3 million Fannie Mae DUS loan to finance the acquisition. The 12-year loan bears interest at a rate of 4.56 percent per annum, due on June 1, 2030, according to Yardi Matrix.
Located at 6614 Wisteria Drive, the community offers 243 one-, two- and three-bedroom floorplans ranging from 900 to 1,200 square feet. Constructed in 1969, the 26-building property is currently 100 percent occupied as of August, according to Yardi Matrix. Interior unit features include washer/dryer hookups, dual-pane glass and ceramic tile showers and tubs. Common area amenities include a clubhouse, a playground, laundry facilities, outside storage and 489 parking spaces.
The previous owner upgraded 82 units and completed exterior renovations such as new roofs, windows, gutters and paint. The company also made additions to the amenity package, which include a dog park, outdoor kitchen, picnic areas, soccer field and pavilion.
Last month, working on behalf of The Greenwald Co., Hunt Real Estate Capital secured a $6.2 million first mortgage bridge loan to refinance a multifamily community in Chicago, located at 5001-5009 N. Ashland Ave.
Image courtesy of Hunt Real Estate Capital