Charlotte Multifamily Hot as Ever
Even in the face of a sluggish economy in Q1, investor appetite for Charlotte multifamily isn't weakening at all. “There continues to be an incredible demand for quality product," MHA's Jordan McCarley tells us.
Jordan, along with colleagues Marc Robinson and Watson Bryant, recently repped the sellers of two Charlotte apartments for a total of nearly $40M. The demand, he says, is resulting in more creative deal structures such as the pre-stabilized sale of the 202-unit Tryon Park at Rivergate (below), which White Point Partners acquired from Meridia. “The Steele Creek area continues to demonstrate strong fundamentals with limited remaining multifamily development sites," he notes.
In the other deal, JEM Holdings acquired the 254-unit Wellington Farms from Wellington United, marking JEM Holdings' sixth Charlotte acquisition in the last 18 months. “It's a high-traffic location and a complement to JEM's existing portfolio,” Jordan says, and will continue to capitalize on the momentum of the market.