Spruce Pays $68.75M for 300-Unit Charlotte Rental Property
Spruce Properties acquired Evolve at Parkway, a new 300-unit, garden-style multifamily property in Concord, North Carolina, approximately 25 minutes north of downtown Charlotte. Caleb Troop, Thomas Colaiezzi, and Matt Robertson of Berkadia Charlotte led the sale on behalf of the seller, Evolve Companies of Greensboro.
Spruce acquired the asset for $68.75 million. Laura Beaton of Berkadia Boston secured a $45 million acquisition loan through Fannie Mae on behalf of Spruce Properties.
The 2023-constructed property is currently 98% leased and provides a significant opportunity for rental growth. Spruce affiliate, New Urban Residential, will manage the property.
Located at 50 Fenway Pl SW, Evolve at Parkway offers luxury one-, two-, and three-bedroom apartments ranging from 776 to 1,411 square feet. Individual apartments offer private balconies and private fenced-in yards in 32 ground-floor units. The community amenities include a saltwater pool, pool house with a fireplace, 24-hour fitness center with spin and yoga room, pet wash and on-site dog park, billiards room, business lounge, grilling pavilion and 42 rentable garages.
Other News
Multifamily Refinancing Squeeze: 41% Higher Costs, $6.8B Equity Gap
Multifamily owners with loans coming due are faced with higher refinancing costs. While this isn’t news, Newmark put numbers to the issue, indicating that loans maturing in Q3 2026 carried an average interest rate of 4.04%, compared to 5.69% on new loans at an average cap rate of 5.5%, resulting in negative leverage. At the...
Learn more
Mortgage Rates Tilt Demand Toward Multifamily: Marcus & Millichap
An increase in mortgage rates is cooling home sales, with multifamily the biggest beneficiary, according to John Chang, senior vice president at Marcus & Millichap. In a recent video, Chang said that the 10-year Treasury has risen by more than 100 basis points, and the 30-year mortgage rate is up about 130 bps to the...
Learn more
Revere, MA Weighs 1,700-Unit Housing Project
The city of Revere is eying a large redevelopment plan that would create 1,700 new affordable and market-rate homes about five miles northeast of downtown Boston. The Revere Housing Authority presented a proposal to the Revere City Council last week requesting a zoning change that would allow for development on a 40-acre site at Cooledge...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout