Wednesday, January 30, 2013

New York-based Mascia buys Charlotte apartment complex

New York-based Mascia Development, a national real estate development and investment firm, has bought The Pines on Wendover, a 44-unit multifamily apartment complex.

The company paid $2.6 million for the property on Wendover Road in the Cotsold/Eastover area. It is the company's first Charlotte acquisition. Mascia Development partnered with two local developers on the deal, Thomas Real Estate Investments and Beauwright Development.

“Our firm has been exploring the Charlotte market for some time, as the Queen City has become a financial center second only to New York City and an energy hub for the country,” said Mark Mascia, president and CEO, Mascia Development LLC. 

“We are delighted to partner with two local market experts to make this deal happen. This acquisition is the first of several we plan to make with our partners in the Charlotte market, as we continue to actively look for more opportunities in one of the fastest growing cities in the nation," Mascia said.

Built in 1986, the complex currently is 100 percent occupied.

Charlotte's apartment industry has been increasingly popular among investors and developers. Thousands of new units have been proposed and existing complexes have been selling for top dollar in recent years.