An affiliate of Ram Realty Partners IV LP has sold Charlotte, N.C., development The Collective to AMAC Holdings for $72.05 million.
Located at 2300 N. Davidson St., the property comprises 250 apartments in a mix of studios and one-, two- and three-bedroom units and also features an 18,000-square-foot retail component.
Completed in 2019, The Collective was 97 percent occupied at the time of sale. The property also holds a National Green Building Standard certification. The community is situated in the metro’s NoDa submarket and is less than 2 miles from Charlotte’s central business district.
The Charlotte Amtrak station and the 25th Street light rail station are a short distance from the community and interstates 77, 277 and 85 are within 5 miles. High-end amenities at The Collective include a podcast room, a 24/7 package locker room, bicycle storage, a soundproof music lounge, a coworking lounge and a maker space for artists and creatives.
The community also provides an “artist-in-residence” program that mimics an arrangement available at other Ram communities. Social spaces at the property are adorned with artwork from local artists; the community opened with 29 original artworks created by 17 different local artists on its walls, with Ram also commissioning a unique moss wall installation from a local graffiti and biophilic design company.
The asset’s retail component occupies a one-story, free-standing building, which was remodeled during the development of the multifamily section. Tenants include Free Range Brewery, Rhino Market & Deli, Mimosa Nail Bar and Core 704.
Charlotte rent gains are showing a favorable outlook. The metro registered $1.2 billion in total transaction volume for the first half of 2021, according to a Yardi Matrix report. As of June 2021, rents boasted double-digit growth, at 10.6 percent. The metro’s affordability attracts residents from more expensive metros, with Charlotte’s population climbing by 1.8% last year, exceeding the national rate.
Ram has been investing in the North Carolina market since 2007. NorthMarq represented Ram in the disposition.