Beach Real Estate Funds, LLC (BREF), an affiliate of The Beach Company, has announced the acquisition of The Brook Apartments, a 162-unit garden-style multifamily community in Charlotte’s Pineville/Quail Hollow submarket.
With major Interstate-77 and Interstate-485 arterials located just five minutes from the property, The Brook residents can easily access Charlotte’s major job centers, including SouthPark and Ballantyne, and numerous lifestyle amenities, including multiple restaurants and grocers.
“The top performing submarket of Charlotte provides an excellent opportunity for BREF and we are excited to increase our footprint in the Charlotte MSA,” says Leonard Way, senior vice president and fund manager at The Beach Company. “We believe its market fundamentals of strong population growth, diversified employment base, low unemployment and moderate cost of living are part of a long-term trend that makes Charlotte one of the most attractive markets in the United States for residents and real estate investors.”
Built in 1984, The Brook offers one-, two- and three-bedroom floorplans spread across 17 residential buildings on 11 acres, and features an amenity package that includes a swimming pool with sundeck, 24-hour fitness center, playground, canopied picnic and hammock area, dog park and car care station.
“We plan to perform a variety of exterior, amenity and interior improvements that will maximize the competitiveness of the property in the market, while generating outsized demand that will appeal to a broader renter base,” says Ward McCarthy, BREF’s asset management manager. “The combination of market fundamentals, property location and renovation scope should enable the BREF team to create value for both our residents and our investors.”
“The Brook in-fill location, low density and large floorplans present a fantastic opportunity to improve the asset for the betterment of both residents and the surrounding community,” says Darby Parker, acquisitions manager at The Beach Company. “This is a great addition to the Beach Company’s fund portfolio and we are pleased to enter the Charlotte market with such a vibrant property.”
This transaction represents the ninth acquisition in the company’s Beach Investment Fund. CBRE’s Kevin Kempf, Howard Jenkins, Drew Harney, William Yowell, and Emma Sidman facilitated the sale on behalf of the seller, while Nate Sittema and Kristen Reilley facilitated the financing. BREF’s acquisition team of Darby Parker and Niko LeVigne facilitated the sale on behalf of the buyer.
