Solomon Organization Sells Charlotte Portfolio for $174M

The Solomon Organization has sold a multifamily portfolio encompassing three garden-style multifamily communities totaling 762 units for $173.5 million, five years after entering the Charlotte market. CBRE worked on behalf of the seller.

All three communities last traded in 2017, when the current seller bought them from Starwood Capital Group in a $88 million portfolio transaction, according to Yardi Matrix data.

Three Charlotte-area communities

Waterford Hills Apartments is located at 6129 Waterford Hills Drive in Charlotte and is composed of a 12-building property totaling 270 units. Built in 1995, the property encompasses one- and two-bedroom apartments between 685 and 1,137 square feet. Common-area amenities include a fitness center, a business center, a clubhouse, a swimming pool, laundry facilities and 350 parking spots.

The property is situated 4.6 miles from University of North Carolina at Charlotte, 6 miles from Mallard Creek Greenway and 11 miles from the city’s business district, Uptown Charlotte.

Mission Matthews Place is located at 2100 Woodway Hills Drive in Matthews, N.C., and comprises 19 buildings. The 392-unit community was built in 1994 and comprises one-, two- and three-bedroom units between 685 and 1,208 square feet, with vaulted ceilings and washers and dryers. Common-area amenities include a fitness center, a business center, a volleyball court, a swimming pool and 820 parking spots.

The property is located 3 miles from McAlpine Creek Park, 3.5 miles from Harris Teeter’s headquarters, 16 miles from Ballantyne and within 18 miles of Charlotte Douglas International Airport.

Matthews Pointe is located at 1700 Chambers Drive in Matthews and includes five three-story buildings completed in 1986. The 100-unit community encompasses one- and two-bedroom apartments between 565 and 900 square feet. Common-area amenities include a business center, a clubhouse, a swimming pool, laundry facilities and 140 parking spaces.

The property is situated near Interstate 485, close to multiple retail destinations within Matthews Township Shopping Center, 2.8 miles from Four Mile Creek Greenway, as well as 9 miles from Charlotte-Monroe Executive Airport and UTC Aerospace Systems.

A CBRE Carolinas Multifamily team including Executive Vice Presidents Kevin Kempf and Howard Jenkins, Investment Sales Lead Drew Harney and Associate William Yowell worked on behalf of The Solomon Organization.

According to a recent Yardi Matrix report, Charlotte rents were up 18.6 percent on a year-over-year basis through March. In the 12 months ending in March, Matthews ranked third for transactions volume among top submarkets, with sales totaling $321 million.

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