QuadReal Finance Lends $87M on Charlotte Apartments Buy
AMAC has landed $87 million of acquisition financing to purchase a multifamily property in Charlotte, N.C., Commercial Observer can first report.
QuadReal Finance supplied the loan for AMAC to acquire Steele Creek Rivergate in South Charlotte from Lucas Development for $113 million. Capstone Apartment Brokers represented Lucas in arranging the transaction.
“The South Charlotte area has been experiencing an influx of new residents and significant rent growth over the last year,” Maurice Kaufman, founding principal at AMAC, said in a statement. “Steele Creek Rivergate is the ideal product type for the submarket and will continue to benefit from the positive fundamentals in Charlotte and the convenient access to the city’s major employment centers.”
Located at 10380 Morgan Creek Drive, the 408-unit garden-style property was completed in May of 2021 with a mix of one-, two- and three-bedroom apartments. The property’s amenities include fitness center, clubhouse, internet café, resort-style pool, grilling stations, playground and multiple pet parks.
AMAC is planning to make upgrades to the development with the addition of extra outdoor amenity space, a new package room and work-from-home spaces for residents.
Monthly rents range from $1,350 for one-bedroom units to $2,199 for three-bedrooms, according to Apartments.com.
Representatives for QuadReal Finance did not immediately return a request for comment.
Andrew Coen can be reached at firstname.lastname@example.org.