News
Two Charlotte Apartments Trade For $12.5M
August 15, 2016
Marcus & Millichap
Two apartment properties on Independence Boulevard traded hands for a total of $12.5M. One is Park Haven, a 112-unit property formerly known as Lion's Head Apartments (pictured), while the other is the 128-unit Parkwood East Apartments. Different locally based buyers acquired them, with Marcus & Millichap's Carolina offices overseeing the deals, the Charlotte Business Journal reports.
The sellers were Creek Club Ltd and Lion's Head Apartments Ltd, with Parkwood East fetching $7.2M, and Lion’s Head selling for $5.3M. Ginkgo Parkwood, an entity of Charlotte-based Ginkgo Residential, bought Parkwood, with plans to upgrade the property. Red Hill Ventures, which bought Lion's Head, likewise plans improvements to the property. [CBJ]
