Spectrum Sells Charlotte Apartments for $63M
- Aug 07, 2019
Lantower Residential has acquired Garrison Park, a newly constructed, 322-unit luxury community in Charlotte, N.C., from The Spectrum Cos. for $62.8 million in an all-cash transaction. The seller began work on the development in late 2017, and the property opened its doors this spring.
Capstone Apartment Partners represented the seller in the deal and procured the buyer. The sale is Spectrum’s second this summer involving newly developed multifamily assets. In July, the firm traded Paxton Pointe Hope, a 274-unit community in Charleston, S.C., to VTT Management for more than $50 million.
Located at 2725 Reseda Place in northeastern Charlotte, Garrison Park is just north of Interstate 485, 12 miles from downtown. The community’s 19 three-story buildings are within 1 mile of Simon’s Concord Mills, a 1.4 million-square-foot shopping mall. The surrounding area has seen its share of development in recent years—nearly 1,800 units have come online within 3 miles in the past five years, per data from Yardi Matrix.
The new owner has rebranded the property as Lantower Garrison Park. The asset contains a mix of studio, one-, two- and three-bedroom apartments, with floorplans ranging from 658 to 1,347 square feet. Community amenities include a swimming pool, fitness center, business center and clubhouse.