CHAPEL HILL, NC - Eller Capital Partners and its affiliate, PEG Capital Management, have sold the 220-unit Forest at Chasewood Apartments off of Monroe Road in Charlotte to a private, out-of-state investor for $12.8 million.
The Forest at Chasewood, built in 1985, is located at 1600 Chasewood Drive and was formerly known as “Beacon Eastchase.” The property was acquired by Eller Capital in 2013 from an affiliate of Fannie Mae. Immediately following its acquisition of the property, Eller rebranded the asset and began a strategic capital improvement and operations plan to reposition the property in its submarket.
Daniel Eller, President and CEO of Eller Capital Partners, stated that the property has performed extremely well since its purchase in 2013 and that the time was right to sell.
“The Forest at Chasewood is located in an area of Charlotte that has undergone significant revitalization over the last few years,” said Eller. “We acquired the property at a time when its operations were distressed and we were able to very quickly improve and optimize the performance. As return-driven investors the timing is right for us to sell, but I have no reason to believe that either the property or the Monroe Road corridor will do anything but continue to improve over the next few years.”
The Forest at Chasewood is the second Charlotte apartment community that Eller Capital Partners has sold in the last few months. In August 2015, it sold Laurel Walk Apartments on Providence Road.
Daniel Eller said that despite its recent sales, the company remains interested in new multifamily acquisition and development opportunities in Charlotte.
“Charlotte is one of the fastest growing and best performing markets in the country. We continue to believe strongly in its fundamentals, and we will continue to be actively involved in the Charlotte apartment market.”
About Eller Capital Partners: Chapel Hill-based Eller Capital Partners is a multifamily investment, development and property management company. The firm was founded in 2011, and is now concentrating on the expansion of its portfolio throughout the Southeast region of the United States. Eller has acquired stabilized and value-add assets in North Carolina, South Carolina and Tennessee, and is currently underway on the development of several ground-up multifamily projects in North Carolina. For more information, please visit www.ellercapital.com.