Rincon Partners Enters Charlotte Market

Greystone provided a $13 million Fannie Mae loan for the acquisition of a 144-unit property that changed hands for more than $19 million.
Commons at Fort Mill Apartments.
Commons at Fort Mill Apartments. Image via Google Street View

Cedar Grove Capital has sold Commons at Fort Mill Apartments, a 144-unit luxury community near Charlotte, N.C., for $19.3 million, according to Yardi Matrix. The buyer, Rincon Partners, secured $13 million in Fannie Mae acquisition financing from Greystone.

The deal marks Rincon Partners’ first foray into the Charlotte metro. At the beginning of the year, the firm traded a 316-unit Class B community in Phoenix for nearly $34 million.

Located at 221 Embassy Drive in Fort Mill, S.C., the three-building Commons at Fort Mill is approximately 2 miles south of the border with North Carolina. A variety of retail options are in the immediate area, easily accessible via Interstate 77, a mile and a half to the west. Other multifamily properties in the area include Beckett Farms, a newly developed, 280-unit luxury asset that sold for $49 million in January.

Commons at Fort Mill contains two- and three-bedroom apartments, with large floorplans averaging 1,156 square feet. The pet-friendly community’s amenity mix includes a play area for children, dog park and swimming pool. In April, the property was 92.4 percent occupied, per data from Yardi Matrix.