CHARLOTTE, NC - Multi Housing Advisors (MHA) has recently arranged the $7.38 million sale of the 98-unit Laurel Walk Apartments, located off of Providence Road in Charlotte, North Carolina.
Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the seller, an affiliate of Chapel Hill, NC based Eller Capital Partners, in the transaction. Investors Management Group, Inc. was the buyer.
“We feel that this asset represents a stable, well-performing investment with significant upside through continued interior upgrades in what is a very attractive, high growth market for investment capital,” McCarley said. “The property’s South Charlotte location provides a combination of convenience and efficiency that caters to its fast growing population.”
Laurel Walk, located at 908 Summit Walk Drive, offers spacious units with wood burning fireplaces, custom built-in bookshelves, walk-in closets and sunrooms. Eller Capital acquired Laurel Walk in early 2012 and upgraded about 20-25 percent of the apartment units.
Daniel Eller, President and CEO of Eller Capital Partners, indicated that while the timing was right to sell Laurel Walk, the company remains bullish on multifamily assets in Charlotte and he expects to increase the company’s presence in the market in the near future.
“Laurel Walk has been a very stable investment that has consistently maintained high occupancy over the last several years,” Eller said. “The Charlotte apartment market is fundamentally very strong and we will continue to look for new investment opportunities in Charlotte and throughout the Southeast.”
The property was 100% leased at the time of the transaction.
About Multi Housing Advisors: Multi Housing Advisors (MHA) has become known as a solid leader in the multi housing industry. The company, founded in 2002, was established to bring a focused brokerage platform to growing markets throughout the Southeast. Since that time, MHA has created value for clients in virtually every sector of the multi-housing market. The MHA team works hard to build and enhance value by leveraging strong attention to detail, accessing an active investor base and capitalizing on its vast market knowledge in ways that benefit every aspect of the transaction process.
MHA enjoys a total sales transaction volume that has surpassed $4.5 billion, representing more than 115,000 units and nearly 700 individual transactions. MHA serves local, regional and national clients and has become known for its effective multi-office platform, excellent transaction history and rapid growth. For more information, visit www.usmha.com
About Eller Capital Partners: Chapel Hill-based Eller Capital Partners is a multifamily investment, development and property management company. The firm was founded in 2011, and is now concentrating on the expansion of its portfolio throughout the Southeast region of the United States.
Eller has acquired stabilized and value-add assets in North Carolina, South Carolina and Tennessee, and is currently underway on the development of several ground-up multifamily projects in North Carolina. For more information, please visit www.ellercapital.com