Southwood Realty Adds Charlotte-Area Property to Portfolio

The acquisition also included an adjacent site zoned for the development of 144 units.
Image by Dan Gold via Unsplash
Image by Dan Gold via Unsplash

Southwood Realty has purchased Lodges at Lake Wylie, a 245-unit Class A property in the Charlotte, N.C. submarket of Lake Wylie, S.C. The firm acquired the apartment community in a loan assumption transaction from McAdams Homes for $41 million.

The acquisition also included an adjacent site already zoned for the development of 114 units. Capstone Apartment Partners Directors Caleb Troop, Austin Green, and Bryse Toothaker arranged the deal on behalf of the seller.

Located at 118 Lodges Lane, the property is adjacent to The Village at Lake Wiley, a 392-unit community that Southwood acquired last year from Bucci Development Inc. Constructed in 2019, the three-story, garden-style Lodges at Lake Wylie encompasses one-, two- and three-bedroom units.

The apartments feature wood-style floors, washers and dryers, balconies or patios and fully equipped kitchens. Property amenities include a swimming pool, clubhouse, fitness center, business center, dog park and grilling area.

At the time of the sale, the property was 98 percent occupied. With the considerable population growth in York County and zoning restriction and moratoriums in Lake Wylie, the asset is poised to perform well in the future, according to Troop.