Newmark Knight Frank (NKF) announces the sale and financing of two multifamily properties in Charlotte, NC. NKF brought both the buyer, the Connor Group and seller, Weinstein Properties together and arranged for the financing of the transaction. The multifamily communities of Cielo Apartments and Bexley Greenway were sold with a floating rate refinance loan through Freddie Mac for $78,637,000.
NKF’s Vice Chairmen Sean Wood, John Heimburger and Dean Smith, Senior Managing Director Alex Okulski and Managing Directors John Munroe and Jason Kon handled the sale of the assets. Financing for the transaction was secured by NKF Multifamily Capital Markets Executive Managing Directors Henry Stimler, Bill Weber and Matthew Mense, along with Vice President Dan Sarsfield.
“Agency execution was so attractive because of the low interest rates,” said Stimler of NKF. “Multifamily assets have been a major bright spot during COVID-19 and especially those located in the sunbelt, so it makes perfect sense for the Connor Group to invest in the Charlotte area with these two well-established apartment communities.”
Bexley Greenway, located at 8230 Greenway Village Drive, is a 266-unit asset constructed in 2004 and spanning 260,166 square feet on 22.8 acres of land. The property traded with a refinancing loan of $39,600,000. Bexley Greenway is a sophisticated community offering a mix of one- to three-bedroom apartments featuring premium finishes and high ceilings. The property features residential amenities including a community dog park, a resort-style pool and a state-of-the-art fitness center. Bexley Greenway offers one of the area’s most desirable locations, with access to shopping, dining and entertainment in North Charlotte. The property is located only minutes from I-85 and I-77.
“The Charlotte market remains a strong area for investment, especially regarding multifamily properties,” said Smith. “Despite the pandemic, the Charlotte area has held steady with jobs and the need for quality housing is still a strong driving force in the local economy.”
The Cielo Apartments, constructed in 2010, are located at 4943 Park Road and comprise 205 units spanning 220,598 square feet on 3.36 acres of land. The property sold with a refinancing loan of $39,037,000. The property offers contemporary design apartments in South Charlotte with units ranging from studio to three-bedroom homes. The Cielo Apartments feature open-concept layouts with premium finishes and vaulted ceilings. Community amenities include a resort-style saltwater pool, a state-of-the-art fitness studio and a newly upgraded community game room. The property is located on Park Road, near Montford Park and Southpark Charlotte. The Cielo Apartments offers easy access to trendy boutiques, restaurants and the popular Park Road Shopping Center and is located close to I-77.
According to NKF Research, sale volume for multifamily assets (define area?) have totaled $13.9 billion in Q2 of 2020. While overall transactions are down (slightly? We’ve talked a lot about the strength of MF) due to the COVID-19 pandemic, these assets have been a top recipient of capital year-to-date. Multifamily has been the top-performing property type for rent collections since the onset of COVID-19 and the only property type to exceed 90% rent collections each month since April.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 18,800 professionals operate from approximately 500 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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