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Multifamily Deals Keep Rolling

Multifamily Deals Keep Rolling
Sterling Steele Creek Apartments.
Out-of-state investors are also as keen as ever to bag Charlotte-area multifamily properties, with hardly a week going by without another deal. NY-based The Praedium Group partnered recently with locally based Grubb Properties to buy the 456-unit Magnolia Station Apartments for $36.5M. The property is being renamed the Sterling Steele Creek Apartments.

Asim Hamid

Praedium Group VP Asim Hamid tells us that a still-limited pipeline of new supply makes Charlotte an attractive market. But it  isn't merely enough to buy a multifamily property in a good market, he adds. There will eventually be competition as new properties come on line, so the new owners want to maintain the competitiveness of Sterling Steele Creek Apartments via improvements to the clubhouse, swimming pools, fitness center, and the landscaping during their ownership, he says.
Meadows in Kernersville, NC
Investors are also reaching deeper into the Carolinas for multifamily. A recent example: the sale of the 200-unit Meadows in Kernersville, NC. Hawthorne Residential Partners ponied up $18.6M to take it off the hands of its developer Meridia of Greenville. Completed in 2008, Meridia had managed to take advantage of the post-recession economic environment to bring the property up to 95% occupied by the time of the sale.