Multifamily Market Heating Up in Charlotte, NC
Charlotte Observer reports: The multifamily investment market seems to be stirring in Charlotte, NC, with the recent announcement that The Catalyst uptown apartment complex sold for $103 million, or $223,500 per-unit. The sale comes as Charlotte’s economy positions itself for growth, and employment rebounds on the city’s banking and education sectors. In a recent article in the local Charlotte Observer, the case for Charlotte was made.
Real Data, a firm that researches the apartment market, found that more than 7,000 units were rented in the Charlotte market between February 2009 and February 2010. Real Data President Charles Dalton stated that, "The apartment market is entering a cycle where everything is in their favor: development is minimal, demand for rentals versus for-sale is growing, and employment is improving... It is also good for Charlotte, as other investors see this kind of transaction in Charlotte, it will make them want to look at Charlotte as a potential investment area."
This comports with findings on the Charlotte market tracked by Real Capital Analytics, which recorded $207 million in apartment sales in Charlotte during 2010, more than three times the amount tracked in 2009. As vacancy rates in the market continue to fall, renters will wait for development to recommence for relief from higher rents.
View the full article on Charlotte Observer: Multifamily Market Heating Up in Charlotte, NC
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Posted by: Nina Turner