Jul
14

Charlotte Apartments Sold for $24 Million

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money countingAn Atlanta-based firm has purchased Oak Pointe Apartments in University City for $24 million.

The property, renamed Magnolia Terrace, is a 264-unit, B-class community at 8301 Paces Oaks Blvd. It will be managed by RADCO Residential, the proprietary management platform of The RADCO Cos. Magnolia Terrace is RADCO’s first North Carolina community.

RADCO plans to spend at least $3.2 million on capital improvements to modernize and upgrade the community, according to a company statement. RADCO financed the acquisition and forthcoming improvements using private capital and by assuming fixed-rate Fannie Mae debt from the seller, Coheritage Oak Pointe LLC.

Magnolia Terrace is within Charlotte’s University City submarket. Construction is currently underway to extend the Lynx Blue Line light rail within a mile from the community, putting residents within walking distance to the Charlotte Area Transit System. The light-rail buildout is expected to spur economic growth in the area.

“Charlotte’s rapid-fire economic growth and strong governance have made it one of the most attractive regions in the country for job growth,” said Norman Radow, founder and CEO of The RADCO Cos., in a statement. Magnolia Terrace is a “textbook-great real estate” because of its location and the value-added opportunity, he added.

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Categories : Charlotte

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