Nearing the year end, the Charlotte, N.C., metro has seen one of its largest multifamily sales in 2021. American Landmark has acquired two adjacent communities totaling 503 units from Phillips Development & Realty for nearly $125.8 million. Capstone’s Jad Richa, Alex McDermott, Caleb Troop and Rhodes Marley represented the seller.
The two communities, Phillips Mallard Creek and Villas at Mallard Creek, have been operated as two phases of one asset. The communities, which were approximately 98 percent occupied at the time of closing, also shared management and amenities.
Of the two, Phillips Mallard Creek was built first in 2013. The 324-unit community offers one-, two- and three-bedroom floorplans ranging from 866 to 1,406 square feet. The 179-unit Villas at Mallard Creek was constructed later in 2019, also featuring one-, two- and three-bedroom floorplans that range from 609 to 1,282 square feet. Residents of either community get access to shared amenities that include a pet park, dog wash, car wash, work lounge, picnic and grilling areas, two swimming and two fitness centers.
American Landmark will rebrand the two communities into Latitude Mallard Creek and has plans for upgrades, but will continue to operate the properties as one asset. The company also acquired a 449-unit community in Charlotte’s Wedgewood submarket, west of the University area, in October.
Richa said in prepared remarks that Capstone is still seeing significant investment demand for institutional quality assets across the Southeast U.S. McDermott added in prepared remarks that the company is specifically seeing rapid job growth in Charlotte’s University area, which has led to substantial new investment into the submarket.
According to Capstone, there are roughly 7,300 businesses within a 5-mile radius of the two communities, totaling approximately 72,000 employees. The number of jobs in the area is also expected to rise in the coming years with new developments and investments planned for Charlotte’s northern submarkets like University area, according to Capstone. Centene Corp., a healthcare company based in St. Louis, is expected to bring more than 3,200 jobs to Charlotte with its new East Coast headquarters and Chime Solutions, a customer service firm, is set to expand its employee base in the city, hiring 250 additional workers on top of the 1,000 that were put on in 2020.
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