CHARLOTTE, NC—Capstone Apartments Partners facilitated the sale of two adjacent apartment communities in Charlotte’s burgeoning University City submarket. With a sale price of $125,750,000, this transaction marks the second largest multi-family sale by dollar amount in the Charlotte MSA in 2021. The two assets, Phillips Mallard Creek and Villas at Mallard Creek, comprise 503 total units on 30.22 acres and were approximately 98% occupied at the time of closing.
Capstone’s Jad Richa, Alex McDermott, Caleb Troop, and Rhodes Marley sold the two assets on behalf of Tampa-based Phillips Development and Realty. The buyer is American Landmark, who is based in Jupiter, Florida.
“Capstone continues to see significant investment demand for institutional quality assets across the Southeast. The joint effort between our Tampa and Charlotte offices on this assignment is yet another example of our collaborative platform delivering results for our clients,” said Richa.
“We have seen rapid job growth in the University area which has led to substantial new investment into the highly sought-after submarket. Our team is proud to have completed this transaction between American Landmark and Phillips Development, two first class organizations in our industry,” McDermott added.
Phillips Mallard Creek was built in 2013 and is comprised of 324 units featuring dark wood kitchen cabinetry, granite countertops, stainless-steel appliances, and full-size washer/dryer. Newly constructed in 2019, Villas at Mallard Creek is comprised of 179 units that boast wood-style flooring, trendy two-toned kitchen cabinets, granite countertops, subway tile backsplash, and full-size washer/dryer.
Since construction, Phillips Mallard Creek and Villas at Mallard Creek have been operated as two phases of one asset with shared management. New ownership plans to rebrand the two communities as Latitude Mallard Creek and continue operating them as one asset.