The Connor Group Invests in Charlotte Multifamily; City Redirects $3.2M toward Mosaic Village

By Amalia Otet, Associate Editor

Alexander Place Apartments recently sold for an undisclosed price to The Connor Group, a Centerville, Ohio-based investment firm specialized in high-end luxury apartment communities.

Committed to continuous improvement and growth, the real estate company currently owns more than $1.3 billion in assets and operates approximately 17,000 units in markets such as Columbus, Cincinnati, Dayton, Dallas, Atlanta and Raleigh; Charlotte was next on their expansion calendar as it has proven to be one of the best-performing markets recently. “We believe North Carolina will be our highest-growth region in the next decade,” said Connor Group Managing Partner Larry Connor in a press release.

The 309-unit Alexander Place at 6316 Cameron Forest Lane comprises one- and two-bedroom apartment homes, ranging from 788 to 1,005 square feet. Its location at the center of one of Charlotte’s most appreciated neighborhoods was one of the features that made it so appealing to investors and residents alike; just minutes away from the South Park Mall and a world-class golf course, the Quail Hollow Country Club, the apartment community enjoys a park-like landscaping spread out over 37 acres. Built in 1985 and remodeled in 2008, the pet-friendly property boasts first-class amenities, including two swimming pools, a tennis court and a fitness center.

In other news, the Charlotte Observer reports that Mosaic Village, a student housing community that broke ground earlier this year, will receive a subsidy of $3.2 million from the city’s Business Corridor Fund in exchange for 223 parking spaces available for public use in the new building. The investment is part of a much broader plan, supported by local authorities, designed to revive the entire West Trade Corridor.

The $29 million mixed-use development near Johnson C. Smith University, owned by Griffin Brothers and leased to the university, is expected to be complete by September 2012. The community will include 80 student dorm rooms and a 45,000-square-foot art learning center and office building. Furthermore, it will provide 6,800 square feet of retail space and a 403-space multi-level parking deck.