CHARLOTTE, NC - Waterton, a U.S. real estate investor and operator, announced the acquisition of Addison Park, a 426-unit rental community in Charlotte, North Carolina.
Situated on 44 landscaped acres in the Harris Boulevard / Mallard Creek submarket, the community comprises 22 three-story buildings with attached, direct-access garages. Apartments offer a mix of one-, two- and three-bedroom floor plans, each with 9-foot ceilings, a wood-burning fireplace and private patio or balcony. Community amenities include two resort-style swimming pools with sun decks, a resident clubhouse, 24-hour fitness facility, fully equipped business center, outdoor grilling area, children’s playground, car detailing station and on-site “bark park” with grooming station.
“There continues to be strong demand for luxury rental housing in Charlotte,” said Matthew Masinter, senior vice president of acquisitions at Waterton. “This was an opportunity to acquire an attractive asset in a highly sought-after location, with proximity to schools, retail and major employment centers like Charlotte’s University Research Park.”
As the new owner, Waterton plans to renovate unit interiors and common areas to increase the marketability of the complex.
“Our capital improvement strategy will put us in a better position to compete against existing rental stock and new apartment projects currently in the pipeline,” said Masinter.
Located just off W.T. Harris Boulevard, a major east-west thoroughfare connecting Interstates 77 and 85, Addison Park is minutes from major employers in University Research Park and University City, including Wells Fargo, Allstate, Aon Hewitt, TIAA and Electrolux.
Addison Park also offers convenient access to a variety of shopping, dining and entertainment options, including Northlake Mall, Belgate Shopping Center and Concord Mills. In addition, the community is a short drive from the University of North Carolina at Charlotte, Charlotte Douglas International Airport and other regional attractions, including Charlotte Motor Speedway.
Addison Park marks Waterton’s second acquisition in North Carolina in recent months. In November 2015, the firm purchased Regatta at Lake Lynn, a 392-unit garden-style rental community in Raleigh.