Your inside source for real estate, development and construction information serving the counties of Mecklenburg, Union & Iredell VOLUME 107 NUMBER 11 ■ MECKTIMES.COM
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TUESDAY, MARCH 14, 2023
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Developed by Switzenbaum & Associates and delivered in December 2018, the 288-unit four-story elevator-serviced community was 95.5 percent leased at the time of this transaction. Photo courtesy CRC
Continental Realty acquires Sycamore at Tyvola in $96.3M purchase Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company active in 10 states, has purchased its eighth multifamily community in North Carolina with the recent $96.3 million acquisition of Sycamore at Tyvola, located at 707 Sycamore Centre Drive in Charlotte. Developed by Switzenbaum & Associates and delivered in December 2018, the 288-unit four-story elevator-serviced community was 95.5 percent leased at the time of this transaction. As part of the acquisition, CRC will assume the in-place 40-year amortizing fixedrate HUD loan at a 2.96% interest rate with a mortgage insurance premium. Michael Saclarides of Cushman &Wakefield represented the seller. This is the second asset purchased on behalf of the Core Multifamily Fund, LP, a private equity fund sponsored by CRC. The open-ended fund, focused on stabilized or nearstabilized opportunities, was formed to identify and acquire Class “A” garden and mid-rise communities located in the southeastern United States with top-quality finishes and amenities. The Core Multifamily Fund completed its initial Founders Investor Closing last year, raising approximately $145 million. CRC subsequently acquired St. Mary’s Square North Apartments, a 65-unit multifamily community in downtown Raleigh for $36.5 million
last summer. Through its various funds, CRC has acquired more than $1.2 billion worth of retail and multifamily assets in the last 10 years. In total, CRC owns and self-manages over $3.3 billion in real estate nationally, with heavy concentration in the Southeast. With this acquisition, CRC owns and self-manages approximately 1,600 apartment units throughout North Carolina, with three multifamily communities in Charlotte, including The Flats at Ballantyne and Park & Kingston. Additional North Carolina assets include The Edison Lofts, St. Mary’s Square, The Village Apartments and St. Marys Square North Apartments in Raleigh, and The Reserve at Mayfaire in Wilmington. Low density, large apartment units, patented building design Located west of Interstate 77 with frontage on Tyvola Road, Sycamore at Tyvola consists of one- and twobedroom floorplans. With average unit sizes of 1,042 square feet, the property has among the largest units within its competitive set. The unique building design provides twice as many corner units as traditional multifamily product and delivers better exterior views and increased sunlight for its residents. This design differentiates the property from traditional threestory walk-up multifamily properties. In addition, the apartment community
sits on 31 acres. The 9 units per acre is 70% less dense than most of the competitors providing residents with plenty of open space. Each unit features nine-foot ceilings with crown molding and best-in-class interior finishes. These unit features include a stainless-steel appliance package, granite countertops, kitchen islands with bar-top seating, woodstyle plank flooring, panoramic windows, and full-size washer/dryers in a dedicated laundry room inside the apartment. Community amenities within the gated community include a large resident clubhouse, a state-of theart fitness center which is open on a 24/7 basis, an event space, spin studio, yoga and barre room, conference room, business center and secure digital package-acceptance lockers. Outdoor amenities include a swimming pool with sun shelf, poolside lounge, tennis court, putting green, BBQ area, grilling pavilion, fire pit, dog park and wooded walking trails. Asset situated within vibrant, amenity-rich corridor “Sycamore at Tyvola is standout product from a best-in-class developer and is located within a rapidly growing submarket of Charlotte. The property is being acquired with an inplace loan, providing long-term fixed
PLEASE SEE SYCAMORE ON PAGE 8
“The potential damage from zombie foreclosures and the decay they can cause remains far off the radar screen throughout much of the country.” Rob Barber, ATTOM
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