Beach Real Estate Funds, the multifamily investment arm of The Beach Co., has purchased The Brook, a 17 building, 162-unit garden-style multifamily community located at 9924 Oakbrook Drive in Charlotte, N.C. A CBRE team negotiated the sale on behalf of the undisclosed seller; the property sold for an undisclosed amount.
The Brook was constructed in 1984, and contains 178,560 square feet of one-, two- and three-bedroom spaces, according to CommercialEdge data. Community amenities include a pool, clubhouse, fitness center, playground, picnic area and dog park. BREF is planning several upgrades to the community, including stainless steel appliances, granite countertops and upgraded lighting fixtures within the apartments themselves, as well as an enlargement of the clubhouse as part of the new fitness center. The community is situated adjacent to park Rd., 10 miles south of downtown Charlotte.
Charlotte stays steady
BREF’s acquisition of The Brook takes place as Charlotte’s multifamily market stays along a path of solid, sustainable growth, as the city ranks among the nation’s top 10 markets for multifamily development, with 10,692 units delivered in 2021, according to a May 2022 report from Yardi Matrix. The city has 17,740 units in its construction pipeline and has seen over $793 million in transactions, according to data from the same report.
“For this particular Charlotte submarket, the opportunity to build new apartments is almost nonexistent. As such, we believe that well located and well-positioned properties will always be in demand. With the numerous employment opportunities in the immediate area, The Brook should always be preferred versus the alternative of a longer commute just to have a newer apartment at greater expense,” Leonard Way, senior vice president & fund manager at The Beach Co. told Multi-Housing News.
CBRE Executive Vice Presidents Kevin Kempf, Howard Jenkins, Associates Drew Harney and William Yowell and Investment Sales Analyst Emma Sidman represented the seller in the transaction. Vice Chairman Nate Sittema and Director Kristen Reilley negotiated the financing process. BREF was led by Acquisitions Manager Darby Parker and Acquisitions Associate Niko LeVigne.
Other Charlotte-area multifamily transactions this month include Atlantic Pacific Cos.’ acquisition of Magnolia Terrace, a 264-unit garden-style community, as well as The Solomon Organization’s sale of a $173.5 million multifamily portfolio.