CHARLOTTE, NC - Emma Capital Investments announced the acquisitions of two properties - Delta Crossing Apartments (178 units), and Cameron at Hickory Grove (202 units), both located in Charlotte, North Carolina. Both garden style communities, constructed in 1989 and 1987 respectively, are located in East Charlotte off of E.W.T. Harris Blvd., and are within 1 mile of each other.
The properties were purchased at a combined purchase price of US $26,916,000. These are Emma Capital’s first investments in North Carolina and its 12th and 13th acquisitions in the U.S., bringing Emma Capital’s total portfolio to date to approximately 3,000 apartment units.
The Properties are well positioned in the East Charlotte submarket. Charlotte leads the Southeast in terms of population growth and emerging industries, and its job growth is outpacing that of the U.S. The East Charlotte area is experiencing healthy public and private development that is bolstering the area. The East Charlotte apartment submarket has been a strong performer, experiencing a steady increase in both average rent and occupancy since 2012. Demand in the East Charlotte area is driven mainly by its direct connectivity to the prolific employment hubs of Uptown and University City, coupled with its relatively affordable rents. Further, infrastructure investments by the City of Charlotte are expected to improve accessibility to this submarket.
“We are very excited about these two acquisitions,” stated founding Partner and Co-Owner Haya Zilberboim. “The Properties offer Emma Capital the rare opportunity to simultaneously acquire two stabilized assets with proven operating performance and upside potential in the strong submarket of East Charlotte. The previous owner of the Properties has invested substantially in capital improvements, allowing Emma Capital to immediately focus on rent growth initiatives such as income-boosting unit interior upgrades. Combining the purchase of the two properties will provide for Emma Capital an immediate substantial presence in the submarket, with the opportunity of offering a variety of floor plans and options to potential residents across the two properties. Further, the proximity of the two properties to each other will allow efficiencies and scalability in staffing, marketing, and operational expenses.”
“We are extremely excited about our expansion into the Carolinas in general and into Charlotte in particular,” added Partner and Co-Owner Oz Cohen. These acquisitions are our 12th and 13th in the United States. With approximately 3,000 units in our portfolio, we have a very strong base to continue our expansion to other Southeast submarkets such as Raleigh and Nashville. We continue to execute on our growth strategy with quality assets and leverage our experience and relationships to access phenomenal opportunities so that we continue to produce the best results for our investors.”
Source: Emma Capital / #Apartments #Multifamily