Monday, July 23, 2012

Charlotte's Circle at South End sells for near-record price


Crescent Resources has sold its Circle at South End complex for $74 million, a near-record price for an N.C. apartment community.

Circle at South End was sold to an undisclosed buyer, according to a press release from the developer.

“This transaction speaks volumes about the results and differentiation of our multifamily developments,” said Brian Natwick, president of multifamily with Crescent Resources. "Like all our apartment communities, we started Circle at South End with an irreplaceable location and infused it with high-quality products and green features as well as innovative programming."

With 360 units and 8,000 square feet of retail space, the Circle’s buyer paid roughly $205,555 per unit.

The highest price paid for an apartment project was $103.375 million, or $223,755 per unit, for the 462-unit Catalyst, which was sold in March 2011, according to research from Real Data.

Investors and developers have become increasingly bullish on the apartment market as the rest of commercial development remains relatively flat. More people are expected to turn to renting as mortgages remain difficult to get. Other people may be scared of a still-soft housing market.

Circle at South End opened in May 2009, the first 100-percent smoke-free Charlotte community. Located less than one mile from uptown, the project has been 100 percent leased since opening, according to the developer.

Sarofim Realty Advisors was Crescent Resources’ capital partner in the project. CBRE Group represented Crescent in the sale.

10 comments:

Anonymous said...

I saw a new sign that says Post at SouthEnd, it seems to have been bought by Post Properties. Nice move for them to be close to uptown!

discourser said...

Just looked at residents' comments on the net. This place appears to be an absolute nightmare to live at. Sounds like Crescent pulled one over on Post...

Anonymous said...

That's why its been 100% leased since it opened...

Anonymous said...

I used to live there. It is a nightmare...unless you're a 24 year-old that hasn't quite progressed past the college lifestyle. Urination in the elevators, vomit outside the building, people running around the halls screaming at 3am. The event planning they talk about even included "Hangover breakfasts"...lol. I'm not knocking it...but it isn't a place a person over say 27 years old would want to live. Then again...they never really marketed it as such (remember the disco lights and female dancer images they projected in the windows when they first opened?..haha). It's heaven if you're just finishing college...which is why it's been 100% leased...

Anonymous said...

And now, they are bringing their shoddy construction to South Park, at Piedmont Row. However, we will NOT put up with the crap from under 24 year olds...

I viewed one of the Circle apartments a few years ago and the construction was very cheap. The same company built Cielo in Madison Park (Park Road) and one can hear ALL that their neighbor is doing.

Anonymous said...

discourser said...
Just looked at residents' comments on the net. This place appears to be an absolute nightmare to live at. Sounds like Crescent pulled one over on Post...


People that are happy generally don't feel the need to vent like people that get pissed off. Always take reviews online with a grain of salt.

Anonymous said...

Post sucks. Haven't they ruined enough places to live by now?

gvsu housing said...

Even my parents thought gvsu housing was a great idea. They looked over the lease closely and listened to the case I made for the move and it wasn’t hard for them to see that I would be happier and still able to focus on my studies

JASON said...

DO NOT. I Repeat. DO NOT Lease at Post Southend. Agree with the previous comments of vomit and people screaming at 3am. Not to mention the fire alarm being pulled between 12-4am twice a week. The worst part of Post Southend is they are way overpriced, they will overcharge you monthly without apology, and when you call to get maintenance to fix your refrigerator they say its "not on their emergency list", and my options are to "unplug it and don't open the doors so the food won't go bad.......we'll get to it." The follow up here is that the compressor went bad and made a noise so bad our neighbors complained. Suffice it to say we didn't sleep. So, if you want to pay 1600+ /mth for failing customer service and vomit in your hallways THIS IS YOUR PLACE. If not, stay far far away. When they transitioned from Greystar to Post we all hoped it would improve.......instead they have digressed!!!

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