West Shore Acquires Charlotte Luxury Apartments
The deal brings the company's North Carolina portfolio to six properties.
West Shore has expanded its North Carolina multifamily presence with its purchase of three luxury apartment communities totaling 621 units located in Waxhaw and Kannapolis, N.C. The properties acquired are Ardmore at Price and The Mill on Main, both located in Waxhaw, in addition to The Vive at Kellswater in Kennesaw. West Shore had acquired Ardmore at Price from previous owner Ardmore Residential and had bought The Vive at Kellswater from Integra Poe LP for $91.3 million, subject to a $74.3 million loan from Cerberus Capital Management, according to CommercialEdge data. West Shore will rename the Waxhaw-area assets to Mill on Price and Mill on Main, operating them as one property, Waxhaw Mills Apartments.
Waxhaw Mills’ historic roots
Mill on Price, located at 242 Price St. in Waxhaw, was built in 2021, with construction subject to a $42 million loan, as shown in CommercialEdge data. The community totals 273,054 square feet, and offers a 245-unit mix of one-, two- and three-bedroom living arrangements, according to the property website. Unit amenities include private patios and balconies, open kitchens with granite countertops and stainless-steel appliances, walk-in closets, plank flooring and individual laundry machines.
Mill on Main, located at 401 E South Main Street, was built in a historic cotton mill dating back to 1898 that underwent a full conversion into apartments in 2017. The building offers a mix of one- and two-bedroom units with nearly identical features, furnishings and amenities to Mill on Price. Both assets feature swimming pools, pet parks, courtyards, fitness centers and clubhouses. Both buildings, which sit within 1 mile of each other, are located within the center of Waxhaw, near many of the city’s top dining and entertainment attractions. Additionally, the developments are within 20 miles of downtown Charlotte.
The Vive at Kellswater
The Vive at Kellswater was built in 2011 and is located at 4800 Integra Springs Blvd. Designed to appeal to renters looking to work from home, the development features a mix of one-, two- and three-bedroom units across 347,689 square feet of space. Like its Waxhaw counterparts, the community features a swimming pool, fitness center and outdoor dining areas. Situated in one of the city’s most affluent suburbs, the community is close to many local parks, and is 20 miles north of downtown Charlotte.
West Shore’s southern expansion
The purchase of the communities brings West Shore’s North Carolina multifamily portfolio to six assets in total. The firm continues to expand its presence in the South, having recently acquired a two-property market-rate portfolio in Georgia, as well as a community in Lexington, Ky.