FriedLam Partners has expanded its Charlotte, N.C., footprint with the acquisition of two multifamily properties. European Investment Management Corp. sold the communities for roughly $34 million, according to Yardi Matrix data. The same source shows that FriedLam now owns 29 multifamily properties in the metro.
To finance the acquisitions, the buyer took out two 10-year loans from Flagstar Bank, amounting to $23.3 million. The assets, now known as Jade Charlotte and The Slate Charlotte, were both completed in 1986 and comprise a total of 292 units.
Berkadia Managing Director Caleb Troop and Director Thomas Colaiezzi in the brokerage company’s Charlotte office acted on behalf of the seller.
Close to each other
Formerly known as Heatherwood Trace, Jade Charlotte is located at 5600 Paces Glen Ave., close to the Eastland Promenade shopping mall. The community encompasses 12 two-story buildings spread across almost 30 acres. The 172 units are divided into one-, two- and three-bedroom floorplans, ranging between 625 and 1,260 square feet. Common-area amenities include a fitness center, clubhouse, business center, swimming pool and tennis court.
The other property acquired by FriedLam is some 4 miles from Jade. Located at 6017 Williams Road, The Slate Charlotte is in the vicinity of East Town Market, which features several dining and retail options.
The 7-acre property used to be known as Hamilton Square and consists of 12 two- and three-story buildings, comprising studios, and one- to three-bedroom floorplans. The 120 units range from 580 to 1,175 square feet. Common-area amenities include a business center, clubhouse and swimming pool.
Transaction volume in the Queen City drops
Year-to-date through September, multifamily sales in Charlotte amounted to only $1.2 billion, a steep decline from the $4.7 billion in multifamily assets that changed hands over the same period of last year. However, per-unit prices haven’t declined so abruptly, dropping from $246,127 in 2022 to $235,403.
Recent transactions in the Charlotte metro area include The Milestone Group’s acquisition of The Weathersby Apartments, and Knightvest Capital and Invesco Real Estate’s acquisition of The Apartments at Bryden in Fort Mill, S.C.
