RKW Residential Expands NC Footprint

The property management company has taken over management of Wesley Village, a 301-unit community near uptown Charlotte, N.C. Bluerock Real Estate owns the property.
The Wesley Village in Charlotte, N.C.

The Wesley Village in Charlotte, N.C.

Rivergate KW Residential was recently selected to manage a new apartment community in Charlotte, N.C., on behalf of Bluerock Real Estate LLC. The New York-based owner purchased Wesley Village from Legacy Partners in March, for $57 million. This is the first venture between the two companies.

Located at 2715 Wet Stone Way, Wesley Village is in close proximity to the Charlotte-Mecklenburg Schools, as well as Camp Greene and Westerly Hill Neighborhood parks. The community is situated in the FreeMoreWest neighborhood, just minutes outside of Uptown Charlotte and the Historic South End. Wesley Village features 142 one-, 144 two- and 15 three-bedroom apartments. Amenities include a fitness center, a business center, a swimming pool, a 10,000-square-foot clubhouse and 483 parking spaces. Bluerock is currently making significant capital improvements to the nine-building community, including upgrades to all amenity spaces as well as interior renovations. According to Yardi Matrix data, occupancy rates have constantly decreased from 94.7 percent in April 2016 to 92.4 percent in March 2017.

Earlier this year, Rivergate KW Residential was selected to manage two other assets in the Carolinas.

Image courtesy of Yardi Matrix