Chicago investor Waterton acquired another Carolina apartment property—the second in only a few months, following one in Raleigh—for nearly $52M.
The firm picked up the 426-unit Addison Park in the Harris Boulevard/Mallard Creek submarket. “There continues to be strong demand for luxury rental housing in Charlotte,” Waterton SVP Matthew Masinter tells us. He adds that there's still strong demand for well-placed assets in Charlotte, especially near major employment centers like University Research Park.
Located on 44 landscaped acres, Addison Park comprises 22 three-story buildings with attached garages. Waterton plans to renovate unit interiors and common areas to increase the competitiveness of the complex. “Our strategy will put us in a better position to compete against existing rental stock and projects currently in the pipeline," Matthew says.
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