Napali Capital has sold Residences at Belmont, a 176-unit garden-style multifamily property, located in Belmont, N.C., outside of Charlotte. Berkadia Charleston managing director Mark Boyce represented the seller.
URS Capital, the buyer, assumed the existing fixed-rate, Fannie Mae CMBS loan on the property, which was originated by Berkadia in 2018 at a 4.87 percent interest rate, according to Yardi Matrix data. The asset last traded in 2018, for $12.8 million, when the current seller acquired it from American Residential Investment Management for $16.7 million, the same source shows.
Located at 199 Belmont Holly Road, Residences at Belmont spans more than 13 acres and is roughly 1 mile north of Interstate 85, 2 miles north of State Route 74 and 9 miles west of Charlotte Douglas International Airport. Just south of I-85, residents can access multiple shopping and dining options, including a Walmart Supercenter, a Lowe’s and an Aldi, among others.
Comprising 24 two-story buildings, the class B asset came online in two phases, the second wrapping up in 1996. Floorplans include one-, two- and three-bedroom units between 570 and 1,179 square feet. Washer and dryer hookups are featured in select units. The community offers a playground, swimming pool and laundry facilities.
Belmont is also home to the much-storied Chronicle Mill, which came online last year as a 238-unit multifamily community. Originally constructed more than a century ago, the property initially served as a textile weaving mill.
