Westdale Investment Partners, Cortland Partners Invest in Charlotte Multifamily

By Amalia Otet, Associate Editor Cassidy Turley became the receiver of a 746,337-square-foot portfolio of flex properties in Charlotte. The 12-building portfolio is owned by Islandia Charlotte, an affiliate of Calif.-based Greenstein Asset Management, a company that recently went into foreclosure after [...]

Cassidy Turley became the receiver of a 746,337-square-foot portfolio of flex properties in Charlotte.

The 12-building portfolio is owned by Islandia Charlotte, an affiliate of Calif.-based Greenstein Asset Management, a company that recently went into foreclosure after defaulting on a $55 million loan, according to Citybizlist. The properties are situated in five business parks in north Charlotte: two buildings in Northwoods Business Park, two in Harris Ridge, two flex buildings in Harris Corners, two at the NorthCross Business Campus in Huntersville and four flex/retail buildings at NorthRidge Business Center.

In other multi-housing news, Chicago-based Westdale Investment Partners LLC has purchased the 210-unit Galleria Village Apartments for $18.5 million, or $88,095 per unit, from Charlotte-based Charter Properties. Galleria features seven two- and three-story buildings spread over 7.3 acres, totaling 191,158 square feet, as reported by Citybizlist. Community amenities include a fitness center, garages, storage, an executive business center and a swimming pool. The property is located at 1616 Galleria Club Lane, within close proximity of Ballantyne and the Arboretum, as well as a wide variety of restaurants and shops in uptown Charlotte.

Citybizlist also reports that Cortland Partners, an Atlanta-based commercial real estate firm, took its first plunge into the Charlotte market by investing $18.2 million in the acquisition of two properties.

The company bought Cameron at Hickory Grove, a 202-unit apartment community at 5625 Keyway Boulevard, which was 93 percent occupied, for $7.54 million. Amenities include a swimming pool and a playground for the children.

Cortland also acquired the 178-apartment Delta Crossing, a garden-style community sitting on 22.52 acres at 6000 Delta Crossing Lane. The property sold for a reported $7.3 million.