CHARLOTTE, NC - Bluerock Residential announced that it has completed the second phase of its acquisition of the class AA Park & Kingston Apartments located in Charlotte, North Carolina. BRG acquired 153 of Park & Kingston's 168 units in March of this year. The Phase II acquisition consisted of purchasing the 15 remaining, newly constructed units for $3.4 million.
The total purchase price for the project's 168 units is $30.7 million, or $183,000 per unit, which compares favorably to market pricing for similar projects in the $210,000 – $240,000 per unit range. BRG funded the Phase II acquisition in cash but expects to close next month on a supplemental loan from Fannie Mae for $2.7 million. Units were delivered fully complete prior to purchase in both phases.
Park & Kingston is among Charlotte's premier, luxury multifamily communities, and is situated in a coveted location at the true center of the vibrant South End, with immediate access to both the Bland Station and East/West Boulevard Light Rail Platform. The property is in close proximity to amenities and upscale shopping, including a soon-to-be developed 47,000 square foot Whole Foods. It is also located less than two miles from the region's largest employment hub, the Charlotte Central Business District, where Bank of America, Wells Fargo, Chiquita, Duke Energy and others maintain sizable operations, supporting more than 100,000 jobs.
"Park & Kingston is one of the highest-quality, most well-located and well-constructed multifamily communities in a premier submarket and it has been performing in line with expectations since our initial acquisition in March. We're pleased that we were able to structure and close this complex, two phase transaction successfully and believe that, with construction complete, the property will deliver on our expectations for strong rent growth going forward," said Ramin Kamfar, Chairman and CEO of BRG.
Comprised of luxury studio and one-bedroom apartments, Park & Kingston offers highly desirable floor plans. Interiors feature luxury finishes, private balconies and a superior community amenity package including a rooftop terrace with uptown skyline views, internet cafes, coffee bars, elaborately landscaped private courtyards, pool and sundeck, outdoor fireplaces, dining and grilling stations, controlled access covered parking and a fully-equipped fitness studio.