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Demand at Fever Pitch for Charlotte Apartments

Charlotte

Investor demand for Charlotte multifamily properties isn't a flight to quality any more; it's a scramble for everything (like when dessert is ready at Thanksgiving dinner).

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Demand is probably approaching, if not already at, an all-time high, Synco Properties CEO Tim Hose tells us. (They'll take any type of multifamily: Class-A, Class-B, beehives, bear caves, dollhouses, you name it.) "Charlotte seems to be on the acquisition A-list for all classes of apartment assets, from new luxury communities to 30- or 40-year-old properties suffering from deferred maintenance and very challenging resident profiles," he adds. As a result, sales prices remain high, which is rewarding developers and other sellers with strong returns.

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Tim also notes that this year's uptick in interest rates hasn't seemed to put any downward pressure on prices: "If history repeats itself, developers will continue to construct new apartment units as long as debt and equity financing is available to them." (Give a developer an inch and he'll develop a yard.) It's a good time to grow multifamily property management portfolios, too. Recently Synco took on the management of the 200-unit Windsor Harbor Apartments in Charlotte (pictured), as well as 645 units in three properties in Greenville, NC.