Source: FCP / #Apartments #Multifamily
CHARLOTTE, NC - FCP announces the acquisition of the Reserve at Providence, a 574-unit, garden and townhome-style apartment community in Charlotte, NC. The Reserve at Providence represents FCP's 5th investment in the Charlotte area.
"We are excited about this acquisition because of its excellent location in South Charlotte, where strong population and job growth are contributing to a wave of new construction and a corresponding decline in the workforce housing stock," said FCP Sr. Associate, Alex Cathcart. "The community will benefit from our programmatic management and site improvements, increasing the appeal to its current and future residents." The Reserve at Providence features one, two, three and four-bedroom apartments and townhomes, making it well-suited to families.
The Reserve at Providence is well-located on Providence Road near some of Charlotte's most affluent neighborhoods, minutes from major employment centers such as Uptown and Ballantyne, and near major retail attractions such as SouthPark Mall. FCP plans to build a new clubhouse and leasing center at the front of the community and invest in capital improvements to the existing site, buildings, and amenity areas. Amenities at the community include a clubhouse (planned for redevelopment into a state-of-the-art fitness and amenity center after a new clubhouse is built), a playground, a dog park, three pools, a picnic area with grills and a multi-sport court.
FCP extends its appreciation to Michael Ryan and his team at Cushman & Wakefield Southeast Equity, Debt & Structured Finance, who provided debt advisory services to FCP and to Marc Robinson and Cushman & Wakefield's Southeast Multifamily Advisory Group who represented the seller in the transaction.