Blackfin Real Estate Investors has sold The Flats at Arrowood in Charlotte, N.C., to Quantum Equities. The 301-unit community changed hands for $33.5 million. The purchase marks the buyer’s first foray into the Charlotte market.
Capital One originated a $24.6 million Fannie Mae acquisition loan for the new owner, according to Yardi Matrix. The asset last traded in 2018, when Blackfin purchased it for $24.2 million from Cedar Grove Capital.
Located at 8508 Lodge South Circle on roughly 26 acres, the community opened its doors in 1974 and expanded 1980. Amenities include two laundry facilities, a swimming pool, a fitness center and a playground. During its two years of ownership, Blackfin executed major renovations on the property. Several shopping and dining opportunities are available less than 1 mile away from the community, along South Boulevard. Additionally, the property is roughly 2.5 miles from the intersection of interstates 77 and 485, and 9 miles south of downtown Charlotte.
The Cushman & Wakefield team that negotiated the transaction on behalf of the seller included Vice Chair Marc Robinson, Executive Managing Director Watson Bryant and Senior Associate Brooks Colquitt. In January, another Cushman multifamily team facilitated the sale of a 698-unit portfolio across three properties in southern U.S. markets.