Sherman Residential has acquired 511 Queens Apartments, a 64-unit luxury community in Charlotte, N.C. According to Yardi Matrix data, the seller was Faison & Associates, a subsidiary of Faison Enterprises.
Faison developed the property between 2016 and 2018, financing the project with a $14.7 million construction loan from Truist Bank.
The upscale community occupies 1.5 acres at 511 Queens Road in the Myers Park neighborhood, between Uptown and Southpark. Its four- and five-story buildings encompass two- and three-bedroom floorplans averaging 1,119 square feet. Amenities include a clubhouse, business center and outdoor kitchen with gazebo lounge. Sherman Residential will serve as property manager.
Located some 2 miles southeast of downtown Charlotte, the community is within walking distance of restaurants, shops, parks and cultural venues. The surrounding area also holds several health-care facilities, including Atrium Health Mercy and Novant Health Presbyterian Medical Center. The property is roughly 3 miles east of another luxury community developed by Faison in partnership with Ram Realty Advisors.
The Queens Road property marks the second Sherman Residential purchase in the Charlotte market, after the 2018 acquisition of Axis Berewick, a 266-unit luxury community located in the Belmont submarket. Earlier this year, the company expanded its Kansas portfolio, picking up a 250-unit upscale community in Overland Park.