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Charlotte Multifamily Hot as Ever

Even in the face of a sluggish economy in Q1, investor appetite for Charlotte multifamily isn't weakening at all. “There continues to be an incredible demand for quality product," MHA's Jordan McCarley tells us.

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Jordan, along with colleagues Marc Robinson and Watson Bryant, recently repped the sellers of two Charlotte apartments for a total of nearly $40M. The demand, he says, is resulting in more creative deal structures such as the pre-stabilized sale of the 202-unit Tryon Park at Rivergate (below), which White Point Partners acquired from Meridia. “The Steele Creek area continues to demonstrate strong fundamentals with limited remaining multifamily development sites," he notes.

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In the other deal, JEM Holdings acquired the 254-unit Wellington Farms from Wellington United, marking JEM Holdings' sixth Charlotte acquisition in the last 18 months. “It's a high-traffic location and a complement to JEM's existing portfolio,” Jordan says, and will continue to capitalize on the momentum of the market.