If you got 'em, sell 'em. Charlotte multifamily properties, that is. ARA Carolinas principal Dean Smith tells us that market conditions mean it's a good time to be a seller.

"The Charlotte MSA has seen outstanding operational performance over the last two years, with both total occupancy and average rents at their highest levels in the past 10 years," he says, adding that current occupancy levels are above 95% and annual effective rent growth over 5%. Moreover, Charlotte is poised for continued rent growth. This creates a strong environment to be a seller, with performance at peak levels, while the runway for future growth is still visible to investors.

Even better, Dean says, Charlotte has a largely untapped pool of luxury renters. Nearly 30% of existing multifamily renters under the age of 35 can afford monthly rent of $1,500 or more, but only 2% of renters are actually paying $1,500 per month. This will provide positive lift in rents across all classes of multifamily product in the market, which makes for motivated buyers (always a good thing for sellers). Alex. Brown Realty and Chartwell Holdings recently closed on the $24M acquisition of Arbor Trace, a 384-unit, Class-B property in the southwest Charlotte. Dean and colleague Blake Okland, John Heimburger, and Sean Wood repped the seller, Biltmark Corp. Completed in 2003, the property was 97% occupied at the time of the sale.

SALES

759 Ventures bought the failed condo project Bloc 90 on North Davidson Streetà between 15th and 16th, which sat unfinished for years. Liberty Solutions' Brian Gribble repped the seller, First City Financial, which purchased the note from Bank of America and foreclosed on the property. Liberty Solution was court appointed as receiver for the property, completing construction of the 36 units. 759 Ventures is marketing the building as the Edgeline Flats apartments, and is planning a second phase, which will add an additional 54 units.

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Beacon Partners purchased Southborough, a mixed-use building in Southend. The 27k SF property at South Boulevard and Magnolia Avenue includes retail on the ground level and offices on the remaining three floors. Currently 80% occupied, the 2008-vintage building offers build-to-suit office suites starting at 1,400 SF. The building's retail tenants include Five Guys Burgers and Fries, Noodles & Company, and The Wine Loft. Piedmont Properties' Frank McCleneghan repped Beacon in the deal, while Merrifield Patrick Vermillion's Mark Newell repped the seller.

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Twin State Trailers purchased two industrial buildings totaling 29k SF at 8621 Statesville Rd in Charlotte for $2M. The buyer plans to relocate its Concord facility to the 10.6-acre site. VIT LLC, managed by Grady Rowland, sold the property. Piedmont Properties' Lester Osborn repped VIT in the sale.

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Piedmont Properties Marty McLaughlin repped the sellers in two recent sales. He repped Stockport Ventures in the sale of 9332 Stockport Pl, a 20k SF building on two acres; West Maple Realty repped the buyer in the deal. Marty also repped the seller in the sale of an 18k SF industrial building on 3.8 acres in Charlotte, which was purchased by Benfield Sanitation Services of Statesville from Ted Merrell of Merrell Properties.

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Kite Realty Group Trust acquired the 60k SF Toringdon Market in Charlotte for nearly $16M. The center is 97% leased and is anchored by Earth Fare, a specialty grocer. According to Kite, Toringdon Market is draws from an attractive five-mile trade area with average household incomes of $107,000 and a high population density.

LEASING

STV, an international engineering firm based in Pennsylvania, signed a lease for 35k SF at 900 West Trade St, and plans to relocate from 1000 W Morehead. Cushman & Wakefield's NJ-based Peter Hamburger, Harlan Hollander, and Walter Schoenberg, along with Thalhimer, a Cushman & Wakefield Alliance firm in North Carolina, repped the tenant in the deal. According to Walter, STV couldn't expand at its current location. The company is also moving from several floors to one, which will let it operate more efficiently, he says. Owned by Bank of America, which has offices and operates a branch within the building, 900 West Trade St totals 450k SF on eight floors and was constructed in 2001.

EXECUTIVE MOVES

Trinity Capital Advisors hired Kevin Granelli as partner and managing director of its new entity, Trinity Land Group. The group will focus on land acquisitions for residential development. Kevin was previously VP of land acquisition and development at Lennar Homes.