ZOM Living Sells Charlotte Property for $131M

This sale sets a new record for highest per-unit price ever paid for a multifamily development in the state.

Hazel SouthPark. Image courtesy of ZOM Living

Multifamily housing developer ZOM Living has sold Hazel SouthPark, a luxury, mixed-use, mid-rise property in Charlotte, N.C., for $130.8 million. Adjusted for the value of the retail component, that price sets a new record for highest per-unit price ever paid for a multifamily development in the Tar Heel State.

Located at 4401 Barclay Downs Drive in the high-end SouthPark neighborhood, the rental community features 203 residences in a mix of townhomes, spacious flats and walk-up style homes that range from 586 to 2,718 square feet in size. The property also includes 9,400 square feet of amenities and 14,000 square feet of retail space.

Apartment homes feature walk-in closets, ceiling fans, trash compactors, in-unit washers and dryers and air conditioning. A rooftop pool with poolside cabanas is among the highlights of the common-area amenity package. Completed in 2021, Hazel SouthPark achieved full lease-up within 10 months. The retail component of the project is fully leased. Tenants include a fitness concept, spa, furniture store and restaurant.

Adjacent retail

The upscale SouthPark community is regarded as among Charlotte’s most sophisticated and desirable neighborhoods. The adjacent SouthPark Mall offers more than 150 retailers and restaurants. Piedmont Town Center and Specialty Shops SouthPark also offer shopping. Queens University of Charlotte and Central Piedmont Community College are located within 6 miles of the property. The Tyvola, Woodlawn, Archdale, Scaleybark and Arrowood transit/subway stations are all within 4.8 miles.

Among the parks and recreational opportunities within 3 to 18 minutes’ drive time are Briar Creek Greenway, Wing Haven Gardens and Bird Sanctuary, Charlotte Nature Museum, Discovery Place and Evergreen Nature Preserve. ZOM Living was represented in the transaction by Eastdil Secured. Almost four months ago, Charlotte was listed as one of the top 10 U.S. metros for rent growth in a multifamily report.

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