The Solomon Organization sold a multi-family portfolio encompassing three garden-style multi-family communities totaling 762 units for $173.5 million, five years after entering the Charlotte market. CBRE worked on behalf of the seller.
The three communities were last traded in 2017, when the current seller bought them from Starwood Capital Group in an $88 million portfolio deal, according to Yardi Matrix data.
Three communities in the Charlotte area
Waterford Hills Apartments is located at 6129 Waterford Hills Drive in Charlotte and consists of a property of 12 buildings totaling 270 units. Built in 1995, the property includes one- and two-bedroom apartments ranging from 685 to 1,137 square feet. Common facilities include a fitness center, business center, clubhouse, swimming pool, laundry facilities and 350 parking spaces.
The property is located 7.4 km from the University of North Carolina at Charlotte, 10 km from Mallard Creek Greenway and 18 km from the city’s business district, Uptown Charlotte.
Mission Matthews Place is located at 2100 Woodway Hills Drive in Matthews, North Carolina and consists of 19 buildings. The 392-unit community was built in 1994 and includes one-, two-, and three-bedroom units between 685 and 1,208 square feet, with vaulted ceilings and washers and dryers. Communal facilities include a fitness center, business center, volleyball court, swimming pool and 820 parking spaces.
The property is located 3 miles from McAlpine Creek Park, 3.5 miles from Harris Teeter Headquarters, 16 miles from Ballantyne and less than 18 miles from Charlotte Douglas International Airport.
Matthews Pointe is located at 1700 Chambers Drive in Matthews and comprises five three-story buildings completed in 1986. The 100-unit community includes one- and two-bedroom apartments ranging from 565 to 900 square feet. Common facilities include a business center, clubhouse, swimming pool, laundry facilities and 140 parking spaces.
The property is located off Interstate 485, close to several shopping destinations within the Matthews Township Mall, 2.8 miles from Four Mile Creek Greenway, and 9 miles from Charlotte-Monroe Airport. Executive and UTC Aerospace Systems.
A multi-family team of CBRE Carolinas including Executive Vice Presidents Kevin Kempf and Howard Jenkins, Head of Investment Sales Drew Harney and Partner William Yowell worked on behalf of The Solomon Organization.
According to a recent Yardi Matrix report, rents in Charlotte were up 18.6% year-over-year through March. In the 12 months ending March, Matthews ranked third in trading volume among major submarkets, with sales totaling $321 million.