CHARLOTTE, NC—Capstone Apartment Partners has closed the $48 million sale of Willows at the University: a brand new, 255-unit garden-style apartment community in Charlotte’s explosive University submarket. The property is ideally located just minutes from highly desirable amenities such as Concord Mills shopping mall, PNC Music Pavilion, and UNC Charlotte.
Capstone sold the property on behalf of the Charlotte-based developer, Gateway Communities NC, and procured the buyer, Millburn & Company, who is based in Salt Lake City.
Willows at the University is the third Charlotte-area property to join Millburn’s impressive apartment portfolio. They plan to continue growing in the Charlotte market as well as other growth markets in the Southeast.
“We are pleased to expand our footprint in Charlotte, with Willows at the University being our third acquisition in the market this year. We believe in the outlook for Charlotte as a whole, especially as the market fundamentals continue to strengthen,” said Sage Sawyer, CIO with Millburn & Company.
The Capstone Apartment Partners transaction team was led by Alex McDermott, Caleb Troop, and Bryse Toothaker.
“As Charlotte continues to see tremendous population and job growth coming out of the Great Recession, we have seen increased appetite for new construction assets from institutional to high net worth investors. The University submarket has proven to be a highly desirable submarket for residents leading to an above-market average increase in rents over the last 12 months. The proximity to major employment centers, retail and quality of life are the main drivers, while also being a short commute to Uptown Charlotte,” said Alex McDermott, Director at Capstone Apartment Partners.
The newly constructed Willows at the University was completed last May and was approximately 95 percent occupied at the time of closing. The property features one-, two- and three-bedroom apartments in nine three- and four-story buildings. The gated community boasts a generous amenity package including a resort style swimming pool with sundeck, outdoor kitchen and grilling area, business center, state-of-the-art fitness center, two dog parks, and a theater/media room. The apartment homes all feature wood-style vinyl flooring, walk-in closets, patios or balconies, full-size washers and dryers, and chef-inspired kitchens with modern cabinetry, stone countertops, prep islands, undermount sinks, and stainless-steel appliances.
Charlotte’s University submarket has been bolstered by the extension of the LYNX Blue Line light rail and enrollment growth at UNC Charlotte. The university reached an all-time high of nearly 30,000 students in 2018. Additionally, local apartment demand is sustained by the University City Partners’ development of a “University City” around the UNC Charlotte campus. This area has become one of the nation’s largest university research parks, with more than 30,000 employees and 10 million square feet of office and flex space for research and entrepreneurial startups.
