Ares Lands $69.4M Loan to Convert Old Charlotte School into Rental Community
A fund managed by Ares Management secured a $69.4 million construction loan so it can start work transforming a former elementary school into a 314-unit apartment complex. Ares will be turning the Midwood Elementary School at 1817 Central Ave. into a seven-story apartment building. The onetime school building, built in the 1930’s, will be demolished.
The loan was made through United Bank. Last month, Ares closed on the property, paying $18.5 million for it.
The new building will feature a mix of studios, one-, two- and three-bedroom units. Each unit will be an average size of just over 790 square feet. The building will also include a rooftop lounge, multiple courtyards, a library and 472 parking spaces.
The development will break ground by the end of the year and construction should be completed by 2028. JLL’s capital markets debt advisory team, led by Travis Anderson, Kate Rathman, and Nick Thornton, represented Ares.
Attend Connect Southeast Multifamily on December 4th in Key Biscayne when the market experts share the playbook for where capital is moving next, and how the region’s power players are positioning themselves to stay ahead of the national curve. Be there to explore the opportunities, challenges, trends, and the future outlook for the multifamily landscape throughout Florida and the Southeast. www.ConnectSEMF2025.com
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout