MLA Properties Buys Charlotte-Area Apartments
- May 28, 2019
Evolve Cos. has sold the Evolve at Tega Cay Apartments, a 260-unit luxury multifamily asset in Fort Mill, S.C., to MLA Properties for $41 million, according to Yardi Matrix. Berkadia provided $26.6 million in Freddie Mac acquisition financing for the buyer’s first purchase in the Charlotte, N.C., area. The loan matures in June 2030.
The 11-building, garden-style community at 810 Eden Ave. was completed in August last year, following two years of development work. Several shopping and dining options are in the immediate area, including Phillips Edison & Co.’s adjacent 100,000-square-foot Stockbridge Commons retail center. The asset is 4 miles west of the Commons at Fort Mill, a 144-unit property which changed hands in May for $19.3 million.
The Class A community contains a mix of one-, two- and three-bedroom units, with floorplans ranging from 832 to 1,376 square feet. Amenities include a pet spa, complimentary bicycle rental service, car wash, yoga studio and saltwater pool. The asset, still in its lease-up stage, was 63.8 percent occupied in April, per Yardi Matrix data.
The Charlotte metro has been the stage for significant multifamily construction, with nearly 13,000 units underway. While the vast majority of projects are market-rate or luxury developments, some new affordable properties—like NRP Group’s 198-unit Platform Lofts—are also in the pipeline.