An funding firm from Maryland has bought a big south Charlotte condominium neighborhood for $60.eight million, and plans to renovate the buildings and add extra facilities.
FCP purchased the 574-unit Reserve at Windfall growth from a California firm. The previous house owners paid $37.three million in 2015 for the flats close to Windfall and Previous Windfall roads, which was beforehand known as Landmark at Lynden Sq..
“We’re enthusiastic about this acquisition due to its wonderful location in South Charlotte, the place sturdy inhabitants and job progress are contributing to a wave of recent building and a corresponding decline within the workforce housing inventory,” stated FCP senior affiliate Alex Cathcart, in a press release. Workforce housing is a time period that typically refers to housing that is reasonably priced to staff corresponding to academics, cops and nurses.
FCP plans to spend cash on the property by constructing a brand new clubhouse and leasing heart, enhancing the facilities corresponding to swimming pools and picnic areas, and turning the clubhouse right into a “state-of-the-art health and amenity heart.” The event consists of flats and townhouses with one to 4 bedrooms, making it interesting to households, FCP stated.
A one-bedroom condominium begins at simply above $700 on the property.
The garden-style flats date to 1980, in keeping with property information. As Charlotte’s condominium market continues booming, older buildings have turn out to be more and more interesting targets to “worth add” buyers. Such firms purchase older buildings, renovate flats and add facilities, then elevate the hire to recoup their funding.
An Observer evaluation this yr discovered such funding companies have bought virtually 13,000 flats in Charlotte since 2013, including to the town’s rising affordability downside.
Portillo: 704-358-5041; @ESPortillo