Converted Belmont Mill Trades for $55.5M
Harbor Group International purchased Chronicle Mill at 96 Catawba St. in Belmont from Armada Hoffler Realty Trust (AH).
The Charlotte Business Journal reports the Chronicle Mill is a 238-unit adaptive-reuse apartment complex with 9,000 square feet of commercial space. The project comprises Studio, 1 Bed, and 2 Beds. Rents range from $1,335 – $2,176 per month. The redevelopment of the mill was a $60 million investment.
AH Realty Trust paid $1.4 million for the property in 2020.
Harbor Group’s acquisition of the adaptive-reuse project is part of a $562 million portfolio transaction,. Harbor Group is acquiring 11 multifamily properties from AH Realty Trust in the transaction.
Chronicle Mill was the 28th textile mill built in Gaston County and the first built in Belmont. The idea for the mill is credited to Robert Lee Stowe, a local merchant. It was built in 1901.
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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