Inland Real Estate Expands Charlotte Portfolio
- Sep 28, 2016
Charlotte—Inland Real Estate Acquisitions Inc., the purchasing arm of The Inland Real Estate Group of Cos., acquired Vanguard Northlake, a 204-unit multifamily property located at 11010 Northland Landing Drive in Charlotte. Matthew Tice, senior vice president of Inland Real Estate Acquisitions, facilitated the transaction on behalf of an Inland affiliate. The purchase price was $31.7 million, according to the Charlotte Business Journal.
Vanguard Northlake was 95 percent leased upon closing. The newly developed community consists of eight three-story buildings containing 60 one-bedroom, 108 two-bedroom and 36 three-bedroom apartments. Each unit features granite countertops, a gourmet kitchen, nine-foot ceilings, oversize walk-in closets, a nine-inch television built into the master bathroom mirror, a full-size washer and dryer, and a private balcony or patio.
Residents have access to a variety of amenities, including an outdoor saltwater swimming pool, fitness center, outdoor grilling kitchen, fireside lounge, sundeck with cabanas, dog park, bicycle storage and a business center.
“We are pleased to have closed on this high-quality multifamily property ideally located in the Northlake area of Charlotte, which has strong demographics and has experienced substantial growth over the past few years,” Tice said in prepared remarks. “We were particularly interested in the property due to Inland Real Estate Acquisitions’ history of facilitating two shopping center purchases in the Charlotte area, totaling more than 430,000 square feet. Having a previous knowledge and understanding of the Northlake area, combined with the town’s recent growth, made this an attractive acquisition.”
To date, Inland Real Estate Acquisitions has facilitated $44 billion worth of purchases, including retail centers, apartments and single-tenant properties.
Image courtesy of Yardi Matrix