Middleton Meyers Acquires Three Apartment Communities Totaling 984-Units in Charlotte

Middleton Meyers Acquires Three Apartment Communities Totaling 984-Units in Charlotte

CHARLOTTE, NC - Charlotte multifamily investment and management firm Middleton Meyers, along with capital partner Torchlight Investors, has acquired three apartment communities totaling 984 units on 75 acres in northeast Charlotte, with plans to enhance the properties but maintain their affordability for working-class residents.

Located within walking distance of the Tom Hunter station along the LYNX Blue Line light rail system, the three contiguous properties – Maple Run Apartments (310 units), The Townes at University Pointe (428 units) and Woodland Hollow Apartments (246 units) – represent one of Charlotte's largest multifamily acquisitions by number of units. 

Andy Dyer, chief investment officer for Middleton Meyers, said the company plans $10 million in improvements to the properties over the next four to five years, including a $2 million upgrade to exterior features within the next 12 months. The company also intends to keep rents well within reach of the middle-income individuals and families who comprise the neighborhood, which is in the early stages of a resurgence spurred by the new light rail access.

Dyer also pointed to desirability of being located halfway between NODA and UNC Charlotte as a cause for growing interest in the area, where development plans include new apartment communities and the expected opening of Charlotte's second Topgolf location. 

"The arrival of the LYNX Blue Line is spurring a lot of very positive changes to the area, in addition to providing easy access to Uptown, South End, UNC Charlotte and other areas of town," said Dyer. "We're looking forward to working with city and county officials on ways to enhance the neighborhood even further, like adding sidewalks and lighting to make the area more pedestrian-friendly."

"These communities enjoy a high occupancy rate and very stable tenant base, with some residents who have lived there for 30 years or longer," said Dyer. "We're really glad that they'll be able to enjoy the improvements and enhanced service levels Middleton Meyers has planned." 

Dyer characterized the purchase as an "off-market transaction," meaning the communities were not actively being marketed for sale. All three properties were previously owned by Lichtman Nass Development Group LLC, a real estate investment and management firm based in Boca Raton, Florida. 

"The Charlotte market continues to demonstrate significant growth in terms of both population and industry, and we are excited about this acquisition," said Torchlight Investors Senior Vice President Henry Gom.  "We believe these properties are well-positioned to benefit from an attractive submarket and a well-designed capital improvement plan to be implemented by our partner."

Source: Middleton Meyers / #Apartments #Multifamily

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