Hillridge Picks Up 298-Unit Charlotte Rental Asset for $94M
Hillridge Capital paid $94 million for the Loft One35 apartments, located at 135 W. Morehead St. in Charlotte. Warfa was the seller of the property, which opened up to tenants in 2016. The Charlotte Business Journal reports NRP sold the development to Warfa in December 2016 for $78.5 million.
The property includes studio, one- and two-bedroom units. Loft One35’s amenities include a pool, private courtyard with a fire pit, community rooms, outdoor grilling stations, a two-story fitness center, coworking spaces, a pet spa, a bike repair shop, and a coffee bar. The ground floor has several retail tenants.
Hillridge’s Charlotte portfolio also includes The Grace at Tryon, a 268-unit apartment community on Grace Farms Drive in University City. Hillridge acquired that property in August 2024 for $60.5 million.
Hillridge is a privately owned real estate investment management platform that specializes in acquiring, renovating, developing and managing Class A properties across the Sun Belt and Mid-Atlantic regions.
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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