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Multi-Family Market Summary & Activity Update Winter 2014
Charlotte, NC
2
CHARLOTTEIntroduction
Foun
tain
s at M
oore
svill
e To
wn
Squa
re
CAPSTONE APARTMENT PARTNERS prides itself on the continual value contributions we are able to offer our industry, and thus we produce periodic Multifamily Market Summaries to further inform the clients and industry we serve. Capstone believes that this market snapshot will be beneficial to current owners, operators, investors, and other industry professionals who are active in the Charlotte, NC MSA, as well as others who are looking to break into this market.
Charlotte Office1600 Camden Road Suite 100 Charlotte, NC 28203
Austin GreenInvestment [email protected]
Alex McDermottInvestment [email protected]
Brian FordManaging Partner
Beau McIntoshManaging Partner
ContentsIntroduction 2
Market Commentary 3
Economic Overview 4
Sales Transactions 5
Proposed Development 8
Communities Under Construction 10
Why Choose Capstone? 12
SkyHouse Charlotte
3
CHARLOTTEM
ARKET C
OM
MEN
TARY
Charlotte is nicknamed the “Queen City” in honor of Charlotte of Mecklenburg-Strelitz, the queen consort of Great Britain the year before the city’s founding in 1768. Although Charlotte is still the second largest banking center in the country behind New York City, insurance, healthcare and technology companies have reinforced the local economy. Tightening housing supply and increased unit demand have accelerated multi-family construction market-wide.
Infrastructure
Charlotte’s population has ready access to four major interstates and several state routes. They can also make use of the city’s Lynx light rail system, which is currently under construction to extend almost 10 miles north of center city to make travel and connectivity even easier for commuters. Moreover, the CityLYNX Gold Line Project (completion set for 2015) will institute a streetcar system to serve Charlotte’s CBD, and the proposed line will connect the Elizabeth Avenue Business Corridor, Government District, Charlotte Transportation Center, Central Piedmont Community College, Time Warner Cable Arena and Presbyterian Hospital. If residents are looking to travel a bit further, then the award-winning Charlotte Douglas International Airport (CLT) lies less than 10 miles outside of the CBD, and remains the 6th busiest airport in the country.
Area Attractions
The Epicentre is located in Uptown, and provides a nightlife, shopping, and dining plaza in the hub of the city. For the sporting enthusiast, the Charlotte Knights are a Triple-A affiliate of the Chicago White Sox MLB team, and BB&T Ballpark will be their new home beginning April 2014. The stadium has a seating capacity of 10,000 seats, and consultants predict it will draw in at least 600,000 fans annually just for baseball; although events will be held here year-round. Between games, residents can enjoy the new Romare Bearden Park, which is located directly across the street from BB&T Ballpark—thus making
the BB&T Ballpark area a comprehensive family destination. Opened in the summer of 1996, Bank of America Stadium is home to the NFL’s Carolina Panthers, and is also located in Charlotte’s Uptown.
Educational Opportunities
Uptown Charlotte is now home to the following college campuses: Charlotte School of Law, Johnson & Wales, UNC Charlotte, Wake Forest University, Montreat College and Northeastern University. This highly educated labor pool will allow for the city’s continued expansion of professional services, especially in technology and finance. With a concentration of large-scale retail stores, healthcare, and financial firms, Charlotte also has the potential to become a significant regional data hub.
Multi-Family Fundamentals
Recently, the Charlotte MSA suffered some common seasonal difficulties as unit absorption weakened slightly this winter with the positive absorption of only 269 units over the past six months. As a result, the average vacancy rate is now 6.2%; however, same-store rents are up 2.1% for the year as the slowdown in absorption is primarily due to new units in lease-up. Construction has not slowed down a bit with 10,067 units currently under construction and another 11,003 units proposed. The majority of new projects are in the Downtown, South End, Southpark, NoDa and Elizabeth neighborhoods. Capstone anticipates that as a wave of new supply hits the market in the next year, the average vacancy rate may rise to 7.0-7.5%. With that said, we also predict same-store rents will continue to grow between 2.0-3.0% in the coming 12-18 months.
Apartment Comparison by ClassClass Units Vacancy Rate Avg. Sq. Ft. Avg. Rent Avg. Rent/Sq. Ft.
Lease-up 5,772 23.6% 970 $1,141 $1.18
A (1-5 Years in Age) 9,465 5.7% 1,023 $1,197 $1.17
B (6-15 Years in Age) 32,552 4.5% 1,004 $952 $0.95
C (16-30 Years in Age) 37,958 5.1% 924 $804 $0.87
C- (30+ Years in Age) 24,155 6.4% 913 $687 $0.75
Stabilized Averages 104,130 5.3% 956 $859 $0.90
Totals/Averages 109,902 6.2% 956 $874 $0.91
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CHARLOTTEEC
ON
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WEmployment
The Charlotte MSA’s unemployment rate hit its lowest point since June 2008 at 6.6% in January 2014. Moreover, the unemployment rate is below the state’s average of 6.7% and on par with the national average of 6.6%.
Major Employers (non-government)Rank Company Industry Employment
1 Carolinas HealthCare System Healthcare 20,000-32,999
2 Wells Fargo Banking 20,000-32,999
3 Wal-Mart Stores Inc. Retail 10,000-19,999
4 Bank of America Corp. Banking 10,000-19,999
5 Novant Health Inc. Healthcare 10,000-19,999
6 Duke Energy Energy 5,000-9,999
7 Food Lion Grocery 5,000-9,999
8 Harris Teeter Grocery 5,000-9,999
9 Lowe's Retail 5,000-9,999
10 U.S. Airways Transportation 5,000-9,999
Wages & Population
There are 856,250 employees in the Charlotte MSA who earn a mean hourly wage of $22.00 and average annual income of $45,750. In comparison, the state and national annual income averages are $41,750 and $45,790, respectively. However, according to the Charlotte Chamber of Commerce, at the end of 2013 Charlotte’s residents enjoy a yearly salary more comparable to the national average, but a cost of living index of only 95.4%; thus, making Charlotte a very affordable place to live and work.
Historical Population2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Charlotte 590,857 601,245 614,446 631,160 652,202 669,690 687,971 704,422 734,216 751,087 772,627
Mecklenburg County 737,512 755,018 774,432 800,486 833,791 865,573 892,456 913,639 923,141 944,373 966,160
Charlotte MSA 1,406,699 1,453,816 1,500,338 1,545,348 1,594,799 1,626,694 1,676,495 1,725,759 1,758,038 1,812,317 1,857,624
North Carolina 8,316,617 8,422,500 8,553,200 8,705,400 8,917,300 9,118,000 9,309,400 9,449,600 9,561,600 9,656,400 9,752,100Source: U.S. Census Bureau
Recent Employment Announcements
InChem Corporation is adding 40 jobs at its plant in Rock Hill.
BeBevCo is adding 100 jobs to its operation in Statesville.
Owens Corning will add 110 jobs at its new facility in Gastonia.
Coroplast Tape Corporation is adding 150 jobs at its new plant in Rock Hill.
Red Ventures is adding 200 employees to its offices in Indian Land.
Dewalt is adding 250 jobs at its plant in Charlotte.
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CHARLOTTESA
LES TRAN
SAC
TION
SSales Transactions: 2013 and 2014
Community YOC City Sale Date Units Sale Price Price Per UnitQuarterside 2009 Charlotte 2/7/2014 184 $31,200,000 $169,565
Madison Square at Northlake 2012 Charlotte 2/1/2014 287 $38,300,000 $133,449
Hampton Commons 1970 Charlotte 2/1/2014 310 $9,800,000 $31,613
Stratford (PROPERTY TO BE DEMOLISHED FOR REDEVELOPMENT) 1970 Charlotte 2/1/2014 136 $6,400,000 $47,059
Highlands 1971 Charlotte 2/1/2014 176 $6,000,000 $34,091
Bella Vista 1974 Gastonia 1/23/2014 250 $9,100,000 $36,400
Junction 1504 2013 Charlotte 1/3/2014 281 $59,000,000 $209,964
Oak Park at Briar Creek 1962 Charlotte 1/2/2014 276 $8,000,000 $28,986
Highland Mill Lofts 1900/2004 Charlotte 12/17/2013 166 $21,000,000 $126,506
Grand Oaks 1964 Charlotte 12/16/2013 243 $4,850,000 $19,959
Legacy Grand at Concord 2010 Concord 12/11/2013 240 $28,000,000 $116,667
Fountains at Mooresville Town Sq. 2012 Mooresville 12/4/2013 227 $29,513,000 $130,013
Beacon Hill 1985 Charlotte 12/4/2013 349 $19,525,000 $55,946
Long Creek Club 2009 Charlotte 12/2/2013 306 $35,800,000 $116,993
Century Springfield Meadows (FORMERLY PADDOCK AT SPRINGFIELD) 2011 Fort Mill 12/2/2013 248 $28,000,000 $112,903
Arium Pineville 1986 Charlotte 12/1/2013 240 $22,500,000 $93,750
Matthews Reserve 1998 Matthews 11/19/2013 212 N/A* N/A
Century Northlake (FORMERLY LONGVIEW) 2012 Charlotte 11/14/2013 264 $32,200,000 $121,970
Riverwalk Apartment Homes 2001 Denver 10/31/2013 144 $12,850,000 $89,236
Woodland Hollow 1975 Charlotte 10/31/2013 252 $6,300,000 $25,000
The Apartments at Blakeney 2008 Charlotte 10/10/2013 295 $53,180,000 $180,271
Hanover Landing 1972 Charlotte 10/4/2013 192 $3,600,000 $18,750
The Retreat at McAlpine Creek 1989 Charlotte 10/1/2013 400 $42,250,000 $105,625
Fountains Southend 2013 Charlotte 9/27/2013 208 $34,000,000 $163,462
Windsor Harbor 1971 Charlotte 9/25/2013 200 $3,500,000 $17,500
Country Club Apartments (FORMERLY THE PARK) 1969 Charlotte 9/13/2013 454 $12,300,000 $27,093
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CHARLOTTESA
LES
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NSA
CTI
ON
SSales Transactions: 2013 and 2014
Community YOC City Sale Date Units Sale Price Price Per UnitPines at Carolina Place 1997 Pineville 8/1/2013 200 $11,775,000 $58,875
Cielo 2010 Charlotte 7/9/2013 205 $41,500,000 $202,439
Landmark at Monaco Gardens 1991 Charlotte 7/2/2013 276 $20,880,500 $75,654
Arwen Vista 2010 Charlotte 7/1/2013 296 $36,200,000 $122,297
Beacon Eastchase 1985 Charlotte 6/18/2013 220 $8,325,000 $37,841
Arbor Steele Creek 2003 Charlotte 5/28/2013 384 $23,750,000 $61,849
Nottingham 1994 Monroe 5/9/2013 279 $11,719,000 $42,004
Wendover Walk 1984 Charlotte 5/3/2013 91 $5,910,000 $64,945
Preserve at Lake Forest (FORMERLY LAKE POINT) 1983 Charlotte 4/5/2013 296 $10,013,000 $33,828
Berkeley Place 2001 Charlotte 3/25/2013 368 $34,600,000 $94,022
Paces River 1989 Rock Hill 3/7/2013 470 N/A* N/A
Barrington Place 1998 Charlotte 3/1/2013 348 N/A* N/A
Landmark at Greenbrooke Commons (FORMERLY ABBINGTON PLACE) 2005 Charlotte 2/28/2013 279 $34,000,000 $121,864
Landmark at Brighton Colony (FORMERLY ASHLEY COURT AT PINNACLE POINT) 2009 Charlotte 2/28/2013 276 $30,000,000 $108,696
Woodland Estates (FORMERLY FOREST RIDGE) 1988 Charlotte 2/9/2013 330 $10,200,000 $30,909
Emerald Bay 1974 Charlotte 2/7/2013 250 $6,667,500 $26,670
The Hamptons at Quail Hollow 1986 Charlotte 2/1/2013 232 $20,100,000 $86,638
Oakbrook 1985 Charlotte 2/1/2013 162 $12,473,000 $76,994
Bridges at Mallard Creek Ph2 1997 Charlotte 1/29/2013 288 $26,924,000 $93,486
Paces Commons 1988 Matthews 1/29/2013 336 $25,990,000 $77,351
Bridges at Mallard Creek Ph1 1988 Charlotte 1/29/2013 240 $18,800,000 $78,333
Central Pointe 1972 Charlotte 1/15/2013 336 $8,568,000 $25,500
Hamptons at Southpark 1986 Charlotte 1/9/2013 232 $22,100,000 $95,259
Oak Crest 1997 Kannapolis 1/1/2013 100 $3,525,000 $35,250
Stone Creek 1997 Mooresville 1/1/2013 100 $3,163,000 $31,630
*Pricing Information Not Disclosed
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CHARLOTTESA
LES TRAN
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TION
S
259
264
247
258
235
240
245
250
255
260
265
270
Class A Class B Class C AVERAGE
Average # of Units Per Transaction
Class A
Class B
Class C
AVERAGE
2008
1991
1972
1992
1950
1960
1970
1980
1990
2000
2010
2020
Class A Class B Class C AVERAGE
Average Year of Construction
Class A
Class B
Class C
AVERAGE
$33,505,167
$17,515,594
$7,214,893
$20,507,313
$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
$35,000,000
$40,000,000
Class A Class B Class C AVERAGE
Average Transaction Sales Price
Class A
Class B
Class C
AVERAGE
$132,343
$56,608
$31,242
$76,375
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
Class A Class B Class C AVERAGE
Average Price Per Unit
Class A
Class B
Class C
AVERAGE
Class A represents properties built from 2000-2014, Class B includes properties constructed from 1985-1999, and Class C signifies properties constructed in 1984 or earlier.
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CHARLOTTEPR
OPO
SED
DEV
ELO
PMEN
TCommunities Proposed (100 Units and Above)
Developer Community Units Road/Intersection Submarket NotesLevine Properties 10th Street Apartments 262 Brevard St. Downtown
Proffitt Dixon Partners Fountains Uptown 230 Stonewall/McDowell St. Downtown
Novare/Grubb Properties Skyhouse Charlotte 336 Church/10th St. Downtown
Spectrum Properties The Mint 177 West Trade/South Graham St. Downtown
Woodfield Investments South Graham Street 243 S. Graham/Third St. Downtown
Clachan Properties Hawthorne Mill 150 Central Ave. East-1
Woodfield Investments Woodfield NoDa 241 36th/North Davidson St. East-1
Goode Properties Silver Oak 275 Monroe Rd./Idlewild Rd. East-3
Proffitt Dixon Partners Fountains at Matthews 258 Matthews Township/Northeast Pkwy. East-3 2nd Phase (322 COMPLETE)
Tynes Development Ashton Reserve 151 10320 Grobie Way North
Brookline Residential Brookline 324 Reames/Lakeview Rd. North
David Drye Caldwell Station 176 Old Statesville Rd. /Sam Furr Rd. North
Northwood Ravin Holly Crest 400 Sam Furr Rd./Statesville Rd. North
Silver Companies Silver Collection at the Park 335 Reese Blvd./Gilead Rd. North
Covington Realty Partners Vanguard Northlake 204 Northlake Pkwy./Alexanderana Rd. North
The Housing Partnership Atando Apartments 130 Newland Rd. Northeast-1
Alliance Management Kings Grant 357 Mallard Creek Rd./Carolina Lily Ln. Northeast-2
Gateway Homes Arwen Vista 254 11505 Masterton Rd. Northeast-3 2nd Phase (296 COMPLETE)
Charter Properties Pavilion Point 295 HWY 29/I-485 Northeast-3
Phillips Development & Realty Phillips Mallard Creek 160 655 Mallard Creek Church Rd. Northeast-3 2nd Phase (300 COMPLETE)
Southern Apartment Group Mountain Island 240 Brookshire Blvd./I-485 Northwest
Howard Nance Company Royal Orleans 20 1924-A McAllister Dr. Northwest 2nd Phase (181 COMPLETE)
The Housing Partnership Tyvola Crossing 20 2909 Cross Rd. Pl. Northwest 2nd Phase (80 COMPLETE)
KBS Capital Advisors Wesley Village 88 Freedom Dr. Northwest 2nd Phase (301 COMPLETE)
Southern Apartment Group West Morehead Lofts 300 West Morehead St./Summit Ave. Northwest
Grubb Properties Park South 398 3900 Cornerwood Ln. Southeast-1 2nd Phase (136 COMPLETE)
Pollack Shores Stratford 273 Park Rd. Southeast-1
Marsh Properties Marsh Euclid 180 Euclid/Lexington Ave. Southeast-1
Levine Properties Metropolitan 155 Kings Dr./Metropolitan Blvd. Southeast-1
Forestar Group Morehead 380 Morehead St./Kenilworth Ave. Southeast-1
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CHARLOTTEPRO
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ELOPM
ENT
Communities Proposed (100 Units and Above)Developer Community Units Road/Intersection Submarket Notes
NRP Group Quarters at Morehead 298 Morehead/Church St. Southeast-1
Woodfield Investments Silos South End 111 131 Poindexter Dr. Southeast-1 2nd Phase (164 COMPLETE, 115 U/C)
Terwilliger Pappas Multi-Family Solis Dilworth 184 Morehead St./Kenilworth Ave. Southeast-1
Woodfield Investments Woodfield Southpark 280 Barclay Downs Dr. Southeast-1
Goldberg Companies Legacy Ballantyne 248 Lancaster HWY/Johnston Rd. Southeast-3
Trotter Builders North Community House Residences 200 Johnston Rd./Endhaven Lane Southeast-3
Ram Real Estate Piper Station 120 7810 Spindletop Pl. Southeast-3 2nd Phase (212 COMPLETE)
Terwilliger Pappas Multi-Family Solis Waverly 360 Providence Rd./Ardrey Kell Rd. Southeast-3
New Forum Lofts at Charleston Row 138 2127 Ayrsley Town Blvd. Southwest-1 2nd Phase (98 COMPLETE)
Goldberg Companies Legacy Concord 344 George Liles Pkwy. Cabarrus County
Camden Management Partners Loray Mill 100 West 2nd Ave. Gaston County 2nd Phase (190 U/C)
Triangle Real Estate Southwood Belmont 192 Wilkinson Blvd./Main St. Gaston County
Warren Norman & Company Gateways at Galleria 120 Galleria Blvd. York County
Charter Properties Gibson 330 HWY 160/Dave Gibson Blvd. York County
Assured Group Riverwalk 144 Cherry/Herrons Ferry Rd. York County
Flat Iron Group Waterford Park 262 Dave Lyle Blvd. York County
Tom Holderby Windsor at Cushendall 168 Ivy Hill Lane/Springdale Rd. York County
Ashton Reserve Arwen VistaWest Morehead Lofts
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CHARLOTTEC
OM
MU
NIT
IES
UN
DER
CO
NST
RUC
TIO
N Communities Under Construction (100 Units and Above)
Developer Community Units Road/Intersection Submarket NotesEpoch Properties Highland Park at Northlake 216 Reames Rd./Bayview Pkwy.. North 2nd Phase (24 COMPLETE)
Kenton Place Partners LLC Reserve at Kenton Place 210 Sam Furr Rd. North
Silver Companies Waterford at the Park 226 Reese Blvd. North
Crescent Resources Crescent Alexander Village 320 Mallard Creek Church Rd. Northeast-2
Aspen Heights Aspen Heights 150 East W.T. Harris Blvd./Old Concord Rd. Northeast-3
Fore Property Company Belle Haven 126 Old Concord Rd./W.T. Harris Blvd. Northeast-3 2nd Phase (50 COMPLETE)
Crescent Resources Circle University City 187 University City Blvd./Mark Twain Rd. Northeast-3
R&G Student Housing Millennium One 224 Thomas Combs Dr. Northeast-3
Sanctuary Companies Sanctuary at Charlotte 202 University City Blvd./N. Tryon St. Northeast-3
Southern Apartment Group University House Charlotte 300 University City Blvd. Northeast-3
Lomax Properties Bryant Park 212 West Morehead St./Millerton Ave. Northwest
Cambridge Development Group 1100 South Boulevard 331 Carson Blvd. Southeast-1
Lennar Corporation Astoria at Metropolitan 261 Kings Dr./Third St. Southeast-1
Camden Property Trust Camden Gallery 323 West Blvd./Camden Rd. Southeast-1
Camden Property Trust Camden Southline 266 South Blvd./Iverson Way Southeast-1
Colonial Properties Trust Colonial Reserve at South End 78 Poindexter Dr. Southeast-1 2nd Phase (275 COMPLETE)
Crescent Resources Crescent Dilworth 300 East Morehead S t./Harding Pl. Southeast-1
Crescent Resources Crescent South Park 321 Carnegie Blvd. Southeast-1
Faison District Flats at Summit & Church 200 Church St. Southeast-1
JLB Partners Carnegie Boulevard 350 Congress St. Southeast-1
Grubb Properties Morrison Southpark 100 Colony/Roxborough Rd. Southeast-1
Marsh Properties Park and Kingston 91 Park/Kingston Ave. Southeast-1 2nd Phase (62 COMPLETE)
Woodfield Investments Silos South End 115 Poindexter Dr. Southeast-1 2nd Phase (164 COMPLETE)
Pappas Properties Solis Sharon Square 239 Sharon Rd./Fairview Rd. Southeast-1
Childress Klein Johnston Road 277 Johnston/Marvin Rd. Southeast-3
Sterling Group/Braxton Development Enclave at Bailes Ridge 246 Hwy. 521/160 Southeast-3
Contravest Addison at South Tryon 321 Arrowood Rd. Southwest-1
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CHARLOTTEC
OM
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NITIES U
ND
ER CO
NSTRU
CTIO
NCommunities Under Construction (100 Units and Above)
Developer Community Units Road/Intersection Submarket NotesOxford Properties CityPark View 124 West Tyvola Rd. Southwest-1
Meridia Tryon Park at Rivergate 202 Toscana Way Southwest-1
Lucas Building Afton Ridge 120 Glen Afton Blvd./Kannapolis Pkwy. Cabarrus County
Davis Development Waterstone at Weddington 253 Weddington Rd./I-85 Cabarrus County
United Equities Long Creek 103 Millington Cir. Gaston County
Camden Management Partners Loray Mill 190 West 2nd Ave. Gaston County
Triangle Real Estate South Fork Village 352 Peach Orchard Rd. Gaston County
SWH Residential Grove at Morrison Plantation 281 Brawley School Rd. Iredell County
RL West Langtree 136 Langtree Rd. Iredell County
Charter Properties Plantation Pointe 250 Ervin Rd./Hwy. 150 Iredell County
Davis Development The Venue 92 Charlotte Hwy./Waterlynn Rd. Iredell County 2nd Phase (140 COMPLETE)
Goldberg Companies Legacy Fort Mill 56 Pleasant Rd./Gold Hill Rd. York County 2nd Phase (196 COMPLETE)
Carolina Capital Villas at Marlin Bay 48 Cutterpoint Dr. York County 2nd Phase (192 COMPLETE)
Highland Park at Northlake1100 South BoulevardCamden Gallery
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CHARLOTTEW
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E?North Carolina South Carolina Georgia Virginia Tennessee Kentucky Alabama
The People Sell the Deal
Capstone’s Southeast & Mid-Atlantic Investment Sales Team is among the market leaders within our industry sector and respective region. We place client service above all else, and can guarantee that no one else will work smarter and harder in achieving the highest level of results for our clients. We don’t rely on a logo to
sell the deal, but rather utilize the industry expertise and investment acumen, tremendous drive and work ethic, and unbeatable salesmanship of the team members assigned to each project. At the end of the day, it’s
the individuals that drive value and sell the deal, and we know the capabilities of our individual team members are second to none.
Market Expertise & Product Niche
Capstone sits atop the private capital sector of multi-family investment sales for multiple reasons. Our deliberate and concentrated focus and expertise in not just the primary markets of the Southeast & Mid-Atlantic, but namely the secondary and tertiary markets within our region, identifies us as the ideal candidate for these assignments. Capstone’s investment sales team has completed a multitude of transactions across the secondary & tertiary markets of the Southeast & Mid-Atlantic, and our track record of success can be attributed to our comprehensive coverage and expertise among these markets, as well as our relationships with the owners and investors who remain active in this environment.
National Exposure via Cutting Edge Technology
Capstone has developed and maintains industry leading national databases, expansive information delivery methodologies, and various proprietary activity tracking systems. These tools are utilized daily by the investment sales team, analysts, and back-office support staff allowing for optimal operational efficiency. This enables Capstone’s investment brokerage team to spend nearly all of its time servicing clients, interacting with industry players and active asset traders, and promoting transactions.
Reputation and Results
Capstone prides itself on its impeccable industry reputation and the core values and behaviors of the firm that drive daily operations. The firm possesses an unblemished reputation and track record industry-wide, and, as such, the firm’s trusted relationships among the apartment investment community continue to facilitate seamless, fluid, and successful sales transactions.
** Information in this report has been provided by the following resources: The Charlotte Real Data Report March 2014, REIS Report, Costar, The Charlotte Business Journal, Loopnet, Bureau of Labor Statistics, county tax records, and various multi-family industry contacts.
