Tuesday, November 29, 2011

Investors snapping up Charlotte apartment properties

Highlighting the popularity of multifamily complexes, three Charlotte-area properties were recently sold to investors.

Chicago-based investment firm Westdale Investment Partners LLC purchased Galleria Village Apartments for $18.5 million. The 210-unit complex, located at 1616 Galleria Club Lane in Charlotte, was built in 2005.

"Galleria Village has been extremely well-maintained...," said Mark Isaacson, a principal with Westdale. "...We are extremely satisfied with the condition of the asset."

Dean Smith of ARA in Charlotte represented the seller.

And Atlanta-based Cortland Partners made its first mark in the Charlotte market. The real estate company bought Cameron at Hickory Grove at 5625 Keyway Blvd., and Delta Crossing at 6000 Delta Crossing Lane. Both are garden-style communities. The deals closed in late October.

Cortland Partners paid $7.54 million for the 202-unit Cameron at Hickory Grove. Cortland Partners said the owner had given the property back to its lender in December.

The company paid $7.3 million for the 178-unit Delta Crossing.

When talking about the acquisitions, both real estate companies mentioned the expected shortage of Charlotte-area apartment units in the future.

"With new supply for apartments slowed to a halt, Charlotte has recorded big revenue growth in 2011," Cortland Partners chief acquisition officer Brad Brown said in a statement. "We hope to complete multiple transactions in the Charlotte market in 2012."


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