Multi-Housing Advisors Brokers Sale of Charlotte Apartment Communities for $24.2M

By Eliza Theiss, Associate Editor

Multi Housing Advisors (MHA) has announced that it has brokered the sale of six non-portfolio apartment communities in North Carolina totaling 1,261 units for a total of $34.4 million, of which $24.4 represented the total sale price of the Charlotte assets. While Charlotte-based MHA brokers Jordan McCarley and Marc Robinson represented the sellers in all transactions, the buyers were not represented by brokers.

Of the six apartment complexes, three are located in Charlotte and three in Greensboro, N.C. Among the recently sold Charlotte communities is the 220-unit Beacon Eastchase, purchased by Eller Capital Partners. The Chapel Hill, NC-based multifamily investment, development and property management company paid $8.3 million for the value-add asset. Located at 1600 Chasewood Drive, the market-rate apartment community has easy access to mass transit and local interstates. The garden-style community is comprised of studio, one- and two-bedroom apartments with features such as patio or balcony, dishwasher and fire place. Community amenities include swimming pool, storage units and laundry facility.

Another Charlotte apartment asset to be sold was the 192-unit Hanover Landing. Old Greenwich, Conn.-based Ellington Management Group purchased the 5920 Monroe Road garden style apartment community for $3.6 million. The East Charlotte asset is made up of one-, two- and three-bedroom units ranging between 689 and 1,095 square feet. Unit amenities include walk-in closet, dishwasher, patio or balcony, while community amenities include pool, onsite business center, club house, courtyard and laundry facility, as well as easy access to public transportation.

MHA also brokered the sale of the 454-unit The Park to FMM on behalf of Northland Investment Corp. The buyer paid $12.3 million for the 2332 Dunlavin Way community.

The Greensboro communities include the 109-unit Lemans at Lawndale and the 106-unit Lexington Commons. The two Class C communities were purchased by SBV Communities for a total of $6.1 million, while Richard Anderson paid $4 million for the 180-unit Fox Run.

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Image courtesy of Beacon Eastchase Apartments via Facebook