Multi Housing Advisors Represents Sellers in $40M Deals

By Eliza Theiss, Associate Editor

Tryon Park at Rivergate

Multi Housing Advisors, 2014’s most active brokerage firm in the Southeast, recently represented the sellers of two multifamily properties that netted close to $40 million in separate transactions, reported the Charlotte Business Journal.

The first transaction involved the sale of Tryon Park at Rivergate, a 202-unit apartment complex on the corner of South Tryon Street and Steele Creek Road. According to the Charlotte Business Journal, buyer White Point Partners, a Charlotte-based real estate investment firm, paid $27.7 million for the property. Multi Housing Advisors’’ Charlotte office represented the seller, an affiliate of Meridia Development, based out of Greenville, S.C. Completed in 2014, the apartment community was about two-thirds occupied at the time of sale.

Tryon Park at Rivergate features one- and two-bedroom luxury apartments ranging between 764 square feet and 1,281 square feet. Rents range from $895 to $1,320. Community amenities include an electric car charging station, 24-hour fitness center, yoga and Pilates studio, salt-water swimming pool, grilling station, outdoor fire pit, dog park, business center, clubroom with flat screen TVs, car care center, detached garage and storage units.

Multi Housing Advisors also advised the seller of Wellington Farms, a 254-unit apartment community purchased by JEM Holdings for $12.1 million, reported the Charlotte Business Journal. The seller was a company managed by Miami-based Monument Real Estate Services president Stuart Zook.

Wellington Farms is a 254-unit garden-style apartment community located in East Charlotte, seven miles from downtown Charlotte. Wellington represents the sixth community acquired by JEM in the Queen City. JEM broke into the Charlotte apartment market in January 2014 and has since added over 1,522 units to its portfolio with the acquisition of the 250-unit Bella Vista, the 176-unit The Highlands, the 196-unit Windgate, the 192-unit Hanover Landing, the 454-unit Country Club and the 254-unit Wellington Farms.

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Image credits: Tryon Park at Rivergate