White Eagle Buys Charlotte Community for $32M
- May 29, 2019
White Eagle Property Group has acquired a 240-unit apartment community in Charlotte, N.C., purchasing the renovated asset from Federal Capital Partners (FCP) and High Real Estate Group for $31.7 million. The buyer will reposition the property, York Ridge, and rebrand it as the Avenues at Steele Creek.
York Ridge was built in phases in 1990 and 1995. Located at 13001 York Ridge Drive, the community consists of 12 buildings of two and three stories, and is more than 94 percent occupied, according to Yardi Matrix data. FCP recapitalized the asset in August 2015, partnering with existing owner High Real Estate Group, and the duo renovated the property following the $17.4 million deal.
Through the most recent acquisition, White Eagle adds to its more than $1.5 billion portfolio of around 10,000 rental units across the New York metropolitan area and nationwide. The company said in a prepared statement that it would be investing “significant capital” to upgrade the property’s interiors and enhance the common area amenity spaces.
Marc Robinson, Jordan McCarley and Brooks Colquitt of Cushman & Wakefield’s Southeast Multifamily Advisory Group represented the sellers in the deal.
Charlotte going strong
The newly acquired asset is expected to benefit from its location in the active Southwest Charlotte submarket, which saw $127 million in multifamily transactions during 2018, according to a recent report by Yardi Matrix.
The Charlotte metropolitan area is home to a robust multifamily sector, supported by above-average employment and population growth. Transaction volume hit a new cycle peak of $2.5 billion in 2018. Average rent grew by 3.3 percent year-over-year through January 2019, in line with national trends.
Just across the state border, MLA Properties recently purchased a 260-unit luxury family asset in Fort Mill, S.C., less than 5 miles to the southwest of the York Ridge asset. Evolve Cos. sold the 11-building, garden-style community, Evolve at Tega Cay, for $41 million.