Funds sponsored by CB Richard Ellis Global Investors purchased 150 apartment communities in Charlotte, North Carolina from institutional investors recommended by JPMorgan Chase Asset Management. No sales price was disclosed.
According to Yardi Matrix, the sellers are United Dominion Realty Trust and MetLife Real Estate Investment. The property was built in 2007 and is located on 5.5 acres of land at 4300 SouthPark Sharon Road, a suburb about 7 miles south of downtown Charlotte. There is a similarly named SouthPark shopping mall near the community, the largest shopping mall in the state covering nearly 1.8 million square feet.
The A-level community is known as the SouthPark residence, with one-bedroom, two-bedroom and three-bedroom apartments with an average area of 1,573 square feet. The interior of the unit includes high ceilings, built-in bookcases and workstations, washing machines and dryers, granite countertops and stainless steel appliances. The hotel’s community amenities include a rooftop deck, saltwater swimming pool, 24-hour fitness center, business center and game room.
Alan Lynch, Andrea Howard, Keller Mark, John Colin and Jeff Glen of the JLL Capital Markets team represented the seller in the transaction. Lynch said in his prepared speech that the concrete buildings and super large units of the property make it one of the most ideal assets in the area.
Charlotte’s multi-family market performed strongly, with a major transaction closed in October and groundbreaking on at least one project, which increased sales of nearly 14,000 units. Among the completed transactions, the largest transaction was Morgan Properties’ purchase of a multi-family real estate portfolio in North Carolina and South Carolina for $323 million, which included 13 Charlotte area communities.
At the same time, Madison Capital broke ground on the 240-unit Madison Farms, a luxurious multi-family community located about 15 miles northeast of downtown Charlotte. The property is scheduled to be completed in 2022.