2 Charlotte Communities Trade Hands
Gamma Real Estate acquired the 252-unit Whitehall Estates and the 318-unit Stone Ridge.
Stone Ridge
Charlotte, N.C.—Gamma Real Estate has acquired two apartment properties totaling 570 units in Charlotte, N.C., from the same seller, YFP/Properties.
One community, the 252-unit Whitehall Estates, was built in 1996, and is currently 92.5 percent leased. Amenities include a resort-style swimming pool, new business center, 24-hour fitness center, lighted tennis courts and a sand volleyball court.
The other, Stone Ridge, with 318 units and dating from 2001, features a business center, two resort-style swimming pools, a putting green, playground and a 24-hour fitness center. The property is currently 94 percent leased.
“The properties were extremely well received by the investment community,” Cushman & Wakefield’s Jordan McCarley said. “We’re continuing to see high demand for assets in solid suburban submarkets, especially if there’s a value-add component.” McCarley, along with colleague Marc Robinson, represented the seller.
Charlotte as a whole has been a strong apartment market in recent years. According to Marcus & Millichap, at the end of 3Q 2016, apartment vacancy in Charlotte was at 3.5 percent, a historic low, while monthly rents averaged $1,027, which is a 6 percent higher than a year earlier.
