Waterton Purchases NC Portfolio for $169M

The properties include Ashford Green and The Retreat at McAlpine Creek in Charlotte, Atria at Crabtree Valley in Raleigh, and Audubon Parc in Cary. 
Ashford Green

Waterton has acquired a four-property multifamily portfolio in North Carolina, from Bainbridge Cos. According to Yardi Matrix, the sale was a $169 million transaction that included Ashford Green and The Retreat at McAlpine Creek in Charlotte, N.C., Atria at Crabtree Valley in Raleigh, N.C., and Audubon Parc in Cary, N.C. 

“Charlotte and Raleigh/Durham were rated among the top 15 housing markets nationwide in 2018, and we are excited to expand our North Carolina presence,” said David Schwartz, chairman & co-founder of Waterton, in a prepared statement. “These assets display considerable upside-potential and offer great opportunities to utilize our value-add program to help them further compete with their competitive sets. The portfolio provides well located housing at an affordable entry point.” 

Portfolio breakdown

Located at 230 Barton Creek Drive, the 300-unit Ashford Green was built in 1995 and was 89.7 percent occupied as of November. Floorplans are offered in one-, two- and three-bedrooms ranging from 559 to 1,336 square feet, across 27 buildings. Interior features include washer/dryers, fireplaces, vaulted ceilings, lake views, and private balcony/patios. Common area amenities include a waterscape, fitness center, business center, clubhouse, tennis court, car care center, playground, swimming pool, laundry facility, and 495 parking spaces. 

The Retreat at McAlpine Creek

Situated at 6800 Fishers Farm Lane, The Retreat at McAlpine Creek offers 400 one-, two- and three-bedroom units. Floorplans range from 563 to 1,234 square feet, located across 34 buildings. The property, which was built in two phases from 1988 to 1990, was at an 86 percent occupancy as of November. Interior features include chef kitchens with shaker cabinets and subway tile backsplashes,  stainless steel appliances, vinyl plank flooring, brushed nickel fixtures, oversized closets with built-in storage racks, balcony/patios, washer/dryers, built-in bookshelves and desks, and fireplaces. Residents have access to community amenities such as two swimming pools, a 24-hour fitness center with yoga/stretching room, a fire pit, outdoor kitchens and grilling stations, a resident lounge, complimentary Wi-Fi, lighted tennis and basketball courts, a park park, a playground, a car care center and valet trash removal. 

Located at 4601 Baymar Drive, the 268-unit Atria at Crabtree Valley was built in 1987 and was at a 91.8 percent occupancy as of November. Floorplans are offered in one- and two-bedrooms ranging from 621 to 1,355 square feet, across 18 buildings. Interior features include washer/dryers and private balcony/patios. Common area amenities include a tennis court, playground, swimming pool, outdoor storage, and 410 parking spaces. 

Situated at 1100 Audubon Parc Drive, Audubon Park offers 180 one-, two- and three-bedroom units. Floorplans range from 698 to 1,327 square feet, located across 10 three-story buildings. The property was built in 1995 and was at a 92.2 percent occupancy as of November. Interior features include washer/dryers, high ceilings, private balcony/patios, and ceramic tile bathrooms. Residents have access to community amenities such as a fitness center, business center, clubhouse, playground, outside storage, swimming pool, and laundry facilities. 

Images courtesy of Yardi Matrix