Investors Hot for TOD
Multifamily leasing is so hot in Charlotte developers can finish their properties, lease them above pro forma, and sell to an investor within a span of months, according to ARA's Dean Smith. (What are they gonna do with all this extra time? Take up sewing?) At least that's what happened with the 208-unit Fountains Southend, which developer Profitt Dixon Partners sold to Florida-based Trade Street Residential for $34M; Atlanta-based ARA repped the seller in the deal. The property was completed in August and is now fully leased. It also takes TOD a step further. Located on the New Bern Light Rail Station, the complex features a "transit lobby," a lounge that includes a coffee bar, TVs, and WiFi--and two live camera feeds that allow residents to see oncoming trains before their arrival, so they can exit the lounge directly onto the rail platform.
