INDIAN TRAIL, N.C. —Berkadia has arranged the sale of Poplin Trace in Indian Trail, a city about 15 miles southeast of Charlotte. The sales price was not disclosed, but the Charlotte Business Journal reported the asset traded for $31 million. The seller was Arizona-based Belleview. The buyer was not disclosed. As of the date of sale, which was April 22, the property was 93 percent occupied. Poplin Trace offers 99 units, all as three-bedroom townhomes with attached two-car garages.
The townhome, build-to-rent community was developed in 2021. Managing Director Caleb Troop and Associate Director Matt Robertson of Berkadia Charlotte and Senior Managing Director Mark Forrester and Managing Director Andrew Curtis of Berkadia Phoenix led the transaction on behalf of Belleview.