Community Solutions, a mission-driven nonprofit organization seeking to reduce homelessness, has made its first acquisition in the Charlotte, N.C., area. The national nonprofit housing fund purchased The Park at Ferentino, a 216-unit multifamily community, from Stonecutter Capital Management for nearly $31 million.
Northmarq’s Carolinas Investment Sales team of Andrea Howard, John Currin, Allan Lynch, Caylor Mark and Jeff Glenn represented Stonecutter Capital, a New York City-based real estate investment firm.
The mission-driven fund seeks to reduce veteran homelessness and preserve housing affordability, said Howard, who noted that the deal marks a successful closing for their client during a challenging time in the capital markets.
The Park at Ferentino neighbors The Park at San Remo, a 280-unit multifamily property that Knightvest Capital acquired from Stonecutter Capital for $39.2 million last month. Northmarq’s Carolinas Investment Sales team also represented Stonecutter Capital in that transaction.
Howard and Currin recently handled Harbor Group International’s $64.4 million acquisition of Artisan Carolina Forest, a luxury community in Myrtle Beach, S.C.
Located at 8061 Woodscape Drive, The Park at Ferentino was built in 1980. At the time of the sale, it was nearly 89 percent occupied. Stonecutter Capital acquired the property from Fortress Investment Group for $13.9 million in March 2016 as part of a 16-property transaction. The buyer was an ownership group that included Providence Real Estate, according to YardiMatrix data. Providence Real Estate subsequently exited the investment. Fortress purchased the property in December 2013 for approximately $8.5 million from BH Equities, YardiMatrix reported. BH Equities acquired the property from Aimco for nearly $9 million in July 2007, part of an $88.2 million portfolio transaction involving 10 properties in North Carolina and South Carolina, according to YardiMatrix.
Property details
The Park at Ferentino has a mix of studio, one- and two-bedroom floorplans ranging in size from 480 to 1,000 square feet with an average of 736 square feet. Rents range from $1,033 to $1,413 with an average of $1,183, according to YardiMatrix data. The apartments have above average ceiling height and high-speed internet access. Select units have hardwood floors and washer and dryer hookups. Units have private balconies or patios and outside storage is available.
Community amenities include two laundry facilities, a resort-style pool, fitness center and yoga room, clubhouse, business center, playground, volleyball court and a tennis and pickleball court. The 17.48-acre property has lake views and abundant green space. There are 442 parking spaces.
The community is near Highway 51, Interstate 485 and Providence Road, providing quick access to the Charlotte area. The property is 5 minutes from Meridian Place, a mixed-use property with 100,000 square feet of retail and office space, and within 15 minutes of Charlotte’s uptown.
