Independence Realty Trust Buys Charlotte Apartments

Cushman & Wakefield represented the seller in the $66.5 million transaction.
Solis City Park. Image courtesy of Cushman and Wakefield

Independence Realty Trust has acquired Solis City Park, a new apartment community in Charlotte, N.C., from Terwillinger Pappas. The Cushman & Wakefield team of Marc Robinson, Jordan McCarley and Michael Saclarides represented the seller in the $66.5 million transaction.

In a statement, Cushman & Wakefield reported the three-story, 272-unit property, which was completed earlier this year, underwent a swift lease up. The apartment community features a blend of studio, one-, two- and three-bedroom apartments, with unit sizes ranging from 624 to 1,341 square feet. Monthly rental rates range from $1,109 to $2,021.

Features of residences include above-average ceiling heights, flat-panel cabinets, in-unit washer-dryers, high-speed Internet and in some units private balconies. A pet washing station is among the amenities at Solis City Park. Three months ago, Eller Capital purchased The Reserve at Waterford Lakes in Charlotte.

Convenient location

Situated at 2322 Arbor Loop Drive, the apartment community is 10 miles from Charlotte Douglas International Airport. It is five minutes to South End, a historic, high-density commercial and residential enclave that features dining, culture and night life.  

The Shops at Lake Pointe, Tyvola Corner and Yorkmont Plaza provide shopping with a 1.3-mile radius of Solis City Park. In addition, four parks and nature centers are located within just under seven miles. They include Briar Creek Greenway, Wing Haven Gardens & Bird Sanctuary, Charlotte Nature Museum and Discovery Place, which are all reachable within a 10- to 13-minute drive.

The apartment community is also within seven minutes from Central Piedmont Community College and 14 minutes of Queens University of Charlotte.