Waterton Buys Value-Add Community in Charlotte
- Oct 21, 2019
After its recent acquisition of a 147-unit East Bay property, Waterton has expanded its footprint with the purchase of Highland Mill Lofts, a 166-unit Class B community in Charlotte, N.C., for $39.3 million, per Yardi Matrix data. Tribridge Residential sold the building after six years of ownership. The company paid $21 million for the property in 2013, Yardi Matrix data shows.
Located at 2901 N. Davidson St., the community is in the North Davidson neighborhood, in Charlotte’s arts and entertainment district, roughly 3 miles from downtown. Additionally, the property provides access to public transportation, such as the 23rd bus line on North Davidson Street and the light rail at the 36th Street Station.
Originally built in 1904 and converted to residential in 2007, Highland Mill Lofts occupies nearly 8 acres and encompasses a mix of one- and two-bedroom units, averaging 1,074 square feet, according to Yardi Matrix. The two-building community also features 11,493 square feet of retail space, which is occupied by Heist Brewing Co. and Benny Pennello’s pizza restaurant.
Waterton plans to upgrade the property, including the apartments, hallways and other common areas, as well as property amenities including the swimming pool, fire pit/grilling area and the fitness equipment. The property’s exterior will be upgraded with a new roof, windows and stairwells. Other improvements will include security system upgrades and new landscaping.