Stonebridge acquires 264-unit North Carolina apartment community
StoneBridge Investments of Washington DC, has acquired Magnolia Terrace, a 264-unit rental apartment community in fast-growing Charlotte, North Carolina for USD40.7 million.
The seller, Atlanta-based RADCO Companies, was represented by Jordan McCarley and Brooks Colquitt of Cushman & Wakefield.
Built in 1989, Magnolia Terrace is located in the sought-after University City submarket, home to more than 75,000 jobs and the University of North Carolina-Charlotte campus. Its location at 8301 Paces Oaks Boulevard provides easy connection to I-85, I-485, and the recently extended Lynx Blue Line light rail transit system. With its extensive amenities and close proximity to major employment centres, University City’s population has nearly doubled since 2000.
The second largest city in the Southeast, Charlotte is home to Bank of America’s headquarters and Wells Fargo’s East Coast Operations Center, making it the country’s second largest banking centre. These two financial giants alone employ some 40,000 people. Charlotte also boasts six Fortune 500 firms: Lowe’s, Duke Energy, Nucor, Sonic Automotive, and Sealed Air.
“We are excited about our first acquisition in Charlotte, which expands our footprint in North Carolina,” says Will Bateman, Director, StoneBridge Investments. “We plan to continue and enhance the value-add program that is currently underway, focusing on both the common areas and unit interiors, in order to provide attractive options for the growing number of people who want to live in University City.”
“We are bullish on the prospects for Charlotte’s future growth, due to its strong and growing employment base, excellent quality of life, and relatively low cost of living,” adds Kees Bruggen, Managing Director, StoneBridge Investments. “This was most recently exemplified by Centene’s announcement of its plans to bring 3,200 jobs and a $1 billion investment to the submarket, just down the street from Magnolia Terrace. We are very interested in expanding our portfolio throughout the Carolinas and the Southeast.”
The acquisition was financed with a Freddie Mac loan sourced by Elliott Throne, Cory Fowler, and Amit Kakar of JLL.