Major Multifamily Communities Change Hands in Charlotte for $183.5 Million!

Major Multifamily Communities Change Hands in Charlotte for $183.5 Million!

Hey there, Charlotte! Big news has just hit the airwaves – not one, but two multifamily communities in our beautiful city have been sold, racking up an impressive total of 183.5 million dollars in just a matter of days. Now that’s a real estate power move!

Crown of Queen City Strikes Gold

First up, let’s talk about the Crown of Queen City. This upscale apartment community, located at 101 W. Morehead St., officially changed hands on November 25th in a deal that saw St. Regis Properties from San Francisco snag it for a cool 88 million dollars. This charming spot was previously owned by Kohlberg Kravis & Roberts, who had acquired it just about two years earlier for 90 million.

Originally known as Broadstone Queen City, this beautifully designed Class A property includes some pretty sweet amenities. Built by Alliance Residential, it comprises 260 units and comes with about 10,000 square feet of amenity space coupled with 1,500 square feet of ground-floor retail space. It’s just a stone’s throw from uptown, making it a fantastic living option for those who love vibrant city life. It’s exciting to see St. Regis making their debut in the Charlotte market; hopefully, they’ll sprinkle some magic on this lovely community!

LoSo’s Glamorous Aritzia Complex Makes Waves

Now, let’s not forget about the other big player in the game, the Aritzia at LoSo. Located in the bustling lower South End neighborhood, this stunning 350-unit complex sold just a few days earlier, on November 19th, for 95.5 million dollars. The new owners, Ares Management from Los Angeles, took over from RangeWater Real Estate based in Atlanta.

This Class A development, situated at 200 E. Cama St., is perfect for those looking for modern living. Constructed in 2020, it offers a variety of layouts including studio, one-, and two-bedroom units. While we didn’t get the rental prices this time around, the buzz around Charlotte indicates this is a hot spot for residents looking for top-notch amenities and easy access to city life.

What These Deals Mean for Charlotte

These transactions showcase the continued interest and investment in Charlotte’s multifamily housing market. With moves like these, it’s clear that big players see our city as a hotbed for growth and development. The combination of urban living spaces paired with convenient amenities makes these communities attractive to both investors and renters alike.

And on top of that, these sales signal a booming real estate market here in Charlotte, contributing positively to our local economy. Whether you’re a resident already or thinking about moving to our city, it’s a fantastic time to be part of Charlotte’s growth story.

Charlotte on the Rise!

So, there you have it, folks! Charlotte is now making headlines in the multifamily real estate scene, connecting celebrities in the investment world with our vibrant community. As these new entities settle in, let’s keep our eyes peeled on how they enhance our local neighborhoods. Who knows what exciting changes might be headed our way?

Until the next big news hits the streets, stay tuned and keep enjoying everything this amazing city has to offer!