CHARLOTTE, N.C. — Embrey has acquired seven acres around the historic North Davidson district in Charlotte to develop a new community called North Tryon. Amenities at North Tryon will include a clubhouse with a game room, business center with micro-offices and a conference room, fitness center and a pool. The development’s first residential units and clubhouse are expected to be available in the third quarter of 2025, with project completion scheduled in 2026.
DURHAM, N.C. — Marcus & Millichap has arranged the $84.8 million sale of Kelby Farms, a 277-unit community situated on 10 acres in Durham. John Daly of Marcus & Millichap’s Raleigh office represented the buyer, King Properties Inc., a privately held multifamily owner and operator. The seller was a partnership that includes Raleigh-based Woodfield Development. Kelby Farms was built in 2022. The community is currently under construction and is slated for completion next month. The asset was more than 70 percent occupied at the time of sale. Kelby Farms offers studio, …
— By Ryan Hanks, CEO, Madison Capital — The combination of the flight from urban markets to the suburbs in the work-from-home era, the lack of accessible housing inventory and the rising cost of renting has led to a housing and affordability crisis for middle-class Americans nationally. Faced with its own challenges, including rising labor costs and an increasingly uncertain economic outlook, the multifamily industry has largely struggled to crack the code to arrive at a solution. The good news is that forward-thinking developers are deploying and refining strategies and …
CARY, N.C. — The Bainbridge Cos. has opened Bainbridge Cary in the Raleigh, North Carolina suburb of Cary. Bainbridge Cary offers one, two and three-bedroom apartments ranging from 692 to 1583 square feet in size. Units feature a full-sized washer and dryer, stainless steel appliances, quartz countertops, smart thermostats and a private patio or balcony. Amenities include a fitness center, dog park, pet spa, pool with cabanas, walking trail, game lawn, clubhouse, EV chargers and co-working spaces.
CHARLOTTE, N.C. — JLL Capital Markets has arranged $30 million in construction financing for the development of Mountain Island in Charlotte. The borrower was Waypoint Residential. JLL also arranged $13.9 million in preferred equity through FCP. The development is situated northwest of downtown Charlotte. Mountain Island will offer one-, two- and three-bedroom units with vinyl plank flooring, walk-in closets, balconies or patios, stainless steel appliances and in-unit washers and dryers. Amenities will include a clubhouse, pool, fitness center, grilling area and dog park. A development timeline for the project was not …
CHARLOTTE, N.C. — FCP has provided $13.9 million in preferred equity for the development of Easton at Mountain Island, a 240-unit community in Charlotte. FCP provided the capital to the developer, Waypoint Residential, through its Structured Investments platform Easton at Mountain Island will be situated on 20 acres along Garron Point Dr., near the Catawba River and Charlotte Douglas International Airport.
CHARLOTTE, N.C. — Lucern Capital Partners has sold Thompson Place Apartments in Charlotte for $8.35 million. The buyer was not disclosed. According to Apartments.com, the property was built in 1998. Units come in one-, two-, three- and four-bedroom floor plans. Amenities include a playground, pet play area and picnic spaces. Lucern Capital Partners previously acquired Thompson Place Apartments from a long-term family ownership group. The company executed a value-add plan for the community during its hold period.
COLUMBUS, OHIO — Columbus-based Woda Cooper Cos. has secured $67 million in low-income housing tax credits (LIHTC) to support the financing for five affordable housing communities in the Southeast and Midwest U.S. The North Carolina Housing Finance Agency allocated $1.2 million to Pender Crossing, a 48-unit development to be built in Wilson, North Carolina. Pender Crossing will offer one-, two- and three-bedroom units across three buildings. TightLines Designs, headquartered in Raleigh, North Carolina, is the architect for the development. Woda Cooper is partnering with the Keweenaw Bay Indian Community to …
RALEIGH, N.C. — Bell Partners has acquired Vintage Jones Franklin, a 277-unit complex in Raleigh. The asset was acquired on behalf of Bell Core Fund I investors and will be rebranded as Bell Jones Franklin. Completed in 2022, Bell Jones Franklin offers studio, one-, two- and three-bedroom floor plans. Amenities include a fitness center, pet park, clubhouse and a pool with cabanas. The property is located between suburban Cary and downtown Raleigh, and is in proximity to 280 entertainment and retail locations within a three-mile radius.
HUNTERSVILLE, N.C. — The Connor Group has acquired The Alcove at Birkdale Village, a 314-unit community in Huntersville, 20 miles north of Charlotte. This marks the third property in the Charlotte submarket for the Ohio-based buyer. The seller and sales price were not disclosed. Units at The Alcove at Birkdale Village come in one-, two- and three-bedroom floor plans. According to the property website, monthly rents begin at $1,299 per month.
