Greystar Picks Up Two Charlotte Communities for $121M
- Nov 03, 2020
Greystar has purchased a pair of Class A properties totaling 660 units in suburban Charlotte, N.C. for a combined price of $121 million, according to Mecklenburg and Iredell county records.
Waypoint Real Estate Investments, a multifamily investment firm based in Boca Raton, Fla., was the seller.
Barrington Place, located at 2410 Allerton Way in Charlotte, traded for $63 million. The property is part of the University City submarket, which includes numerous business parks and more than 11 million square feet of office space. Completed in 1999, the 348-unit community includes common area amenities such as a fitness and business center, laundry facilities, clubhouse, swimming pool and tennis court, according to Yardi Matrix.
Waterlynn Ridge, located at 123 Waterlynn Ridge Road in Mooresville, N.C., roughly 25 miles north of central Charlotte, sold for $58 million. The site is situated near Interstate 77 and within a 2.5-mile radius of Lake Norman Medical Center and Lowes Corp.’s headquarters. Completed in 2007, Waypoint purchased the asset in 2016 for $39.5 million.
JLL brokered the sale of Barrington Place and Waterlynn Ridge on behalf of Waypoint Real Estate Investments, while also procuring the buyer. JLL’s team representing the seller included Andrea Howard, John Currin, Allan Lynch, Caylor Mark and Jeff Glenn, while financing was arranged by Andy Scott and Cory Fowler.
Last month, Greystar acquired a 228-unit community in suburban Tampa, Fla. City Park traded in a $43.5 million deal arranged by Newmark Knight Frank.