CHARLOTTE, NC - MLA Properties, a New York based family office, recently closed on the acquisition of its first two multifamily properties in the greater Charlotte, NC market.
“MLA is excited to be entering the Carolinas, and we look forward to continuing to expand our footprint in the market. The Charlotte MSA continues to be a leader in all major demographic categories and we believe the region’s best days are ahead of us. Drucker + Falk has been an invaluable resource to us on the ground and we are confident they will help us drive superior risk adjusted returns for our investors,” said MLA Managing Director, Michael Cohan, in a prepared statement.
Pavilion Village, a Class A 294-unit community built in 2015 and located at 131 Gracyn Olivia Drive in the university submarket, closed on June 20th, in a Joint-Venture acquisition with Pearlmark, a Chicago based real estate investment firm. “Pavilion Village presents a unique opportunity in a thriving submarket with close access to transportation, education, and major employment hubs. In partnership with Pearlmark, we believe this asset will benefit from an interior value-add program and Drucker + Falk’s management expertise,” added Cohan.
Evolve at Tega Cay, a brand new 260-unit community located at 810 Eden Avenue in the affluent Charlotte suburb of Fort Mill, SC, closed on May 17th. “Evolve at Tega Cay is well positioned in one of the region’s most supply constrained markets and provides an affordable living option with close proximity to Charlotte. Additionally, we believe the strong school system will continue to attract young families to the market” said Cohan.
With the addition of these properties, Drucker + Falk’s management presence in the Carolinas now exceeds 13,000 units. “Drucker + Falk is excited to be aligned with MLA, a firm with which we share many characteristics in terms of both structure and ownership philosophy. We are deeply committed to the Carolinas and firmly believe that these two projects will be candidates for 2019’s deal of the year in Charlotte, as they both represent extremely attractive basis’ with tangible upsides” mentioned Cole Healy, a Director with Drucker + Falk’s Southeast office.
Mort Klaus, Principal of MLA, concludes “we believe deeply in the future of Charlotte and will look to continue to deploy capital in the region.”