MHA Closes $47M Sale of 360-Unit Charlotte Community

Afton Ridge Apartments sold the North Carolina community, which is located near Charlotte and offers a Class A amenity package.

Charlotte, N.C.—Multi Housing Advisors (MHA) recently arranged the $47 million sale of Afton Ridge, a 360-unit apartment community in Concord, N.C. Afton Ridge Apartments, the seller, was represented by Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office.

Afton Ridge

Afton Ridge, Concord, N.C.

Located at 410 Starmount Park Blvd, Afton Ridge offers one-, two- and three-bedroom floorplans with unit sizes ranging between 784 square feet and 1,316 square feet, according to Yardi Matrix. The property’s Class A amenity package includes a resort-style swimming pool, state-of-the-art fitness center, business center, clubhouse, 660 parking spaces and a media room. Monthly rents range between $875 and $1,320. Afton Ridge’s location in Charlotte’s Kannapolis submarket offers convenient access to Interstate 85 and Interstate 485, as well as a variety of shopping venues.

“There continues to be an incredible demand for newer assets in quality locations,” McCarley said in prepared remarks. “With a skilled workforce and well-developed infrastructure system, the Concord area continues to experience strong population growth resulting in very attractive supply-and-demand characteristics.”

Images courtesy of Yardi Matrix