CHARLOTTE, NC – White Point Partners, LLC, announced it has added a 202-unit apartment complex known as Tryon Park at Rivergate to its existing 700-unit Charlotteapartment portfolio. Tryon Park is a Class AA multifamily community located in a sought-after sub market in Charlotte.
"We are very pleased to be investing in this area of Charlotte," said Ryan Hanks, Partners with White Point Partners. "We view this part of Charlotte as one of the fastest growing job pockets within the entire MSA.”
At the time of closing Tryon Park was approximately 65% occupied and 70% leased. The acquisition is consistent with White Point’s continued strategy of buying pre stabilized apartment communities.
Tryon Park at Rivergate is a new-construction, Class AA multifamily community featuring one, two and three-bedroom unit layouts averaging 1,000 square feet with upscale amenities that include a resort style pool, a courtyard with grills and fireplace, state of the art fitness center and direct access garages, as well as business and media centers. High-grade unit interiors include nine-foot ceilings, gourmet kitchens, and upscale bathroom design and finishes.
Tryon Park is strategically located within the Southwest submarket, the largest employment center in the Charlotte-Mecklenburg area outside of the CBD. The Southwest Industrial submarket is the largest industrial submarket in the region boasting over 21 million square feet of warehouse and flex space. The submarket is home to many of the region’s largest employers including TJ Maxx, Baxter Healthcare, and the Charlotte- Douglas International Airport. Tryon Park’s location also provides unparalleled access to the largest suburban office submarket in the Charlotte-Mecklenburg area. The I-77/Southwest submarket contains over seven million square feet of office space represented by major employers such as Microsoft, Belk, Time Warner Cable, Goodrich, Sprint, Toshiba, and Westinghouse.
Tryon Park is adjacent to a newly built Publix grocery store and is within walking distance to the Rivergate Shopping Center, which is a 545,000 SF power center and features tenants such as Target, Gander Mountain, Best Buy, Home Depot, Starbucks, and Michaels.