New York Investor Snaps Up Charlotte Apartments For Nearly $57M
An affiliate of Bluerock Real Estate, which is based in New York, acquired the 301-unit Wesley Village Apartments at 2715 Wet Stone Way for about $56.9M. The seller was SoCal-based KBS Realty Advisors, which bought the property for about $43.8M in 2012, the Charlotte Business Journal reports.
The Wesley Heights area is seeing vigorous real estate activity these days, including a number of new multifamily and commercial projects. For instance, developer Chris Ogunrinde won rezoning approval from Charlotte City Council last week to build an office and retail development on a 1.5-acre site next to Wesley Heights.
This is the third multifamily property for Bluerock in Charlotte. The other two are Ashton Reserve in Northlake and Park & Kingston in South End. Bluerock is also developing a 286-unit apartment complex at 1331 Morehead St. in partnership with ArchCo Residential. That project is expected to deliver next year.