Trammell Crow Sells Charlotte Apartments for $65M

JLL Capital Markets represented the owner in its disposition of Alexan Optimist Park, a 238-unit property located in the Mill District.
Alexan Optimist Park. Image courtesy of Trammell Crow Residential

Trammell Crow Residential has sold Alexan Optimist Park, a luxury apartment community in Charlotte, N.C., for $65 million. The 238-unit property is located in a live-work-play neighborhood in the city’s Mill District.

Formerly a textile manufacturing hub, the Mill District has undergone a revitalization designed to expand its urban footprint. JLL worked on behalf of Trammell Crow Residential to complete the transaction. Along with Transwestern, Trammell Crow Residential recently sold an apartment community in Denver’s Cherry Creek submarket.

A six-story frame, elevator-served, mid-rise apartment community on 2.5 acres at 1009 N. Caldwell St., Alexan Optimist Park is 96 percent leased. The property features studio, one- and two-bedroom apartments that offer quartz countertops, oversized kitchen islands, customizable closets, above-average ceiling heights and beverage refrigerators. A fitness center equipped with Peloton bikes is among the apartment community’s higher-profile common-area amenities.

Downtown area

Alexan Optimist Park is a few minutes away from Uptown, the central business district of Charlotte, where more than 116,000 people are employed. It is also well situated to NoDa, Charlotte’s Historic Arts District and Optimist Hall, with more than 20 food stalls.

As a result of substantial office development in Charlotte, investors have been more and more attracted to the Mill District and other fast-rising neighborhoods around Uptown. The historic legacy and vibrant culture of the Mill District inspired Alexan Optimist Park’s unique design elements. Among the accents peppered through the common areas are exposed brick walls, train station notice boards and graffiti murals painted by a local artist. Among other lures, the Mill District is known for its entertainment, diverse food and retail options.

The JLL Capital Markets team representing the seller was led by Allan Lynch, Caylor Mark, Andrea Howard, Jeff Glenn and John Currin.