Ballantyne-area apartments trade to Texas real estate firm Velocis for $53MDecember 31, 2020
More suburban apartments have sold in Charlotte, this time to an investor that recently entered the apartments acquisition space.
Dallas, Texas-based Velocis, a private equity real estate manager, has acquired the Beverley apartment property in the Ballantyne area, at 11926 N. Community House Road. Velocis paid $53 million for the 201-unit property, or a little more than $260,000 per unit.
This is the first apartment acquisition for Velocis, the company said. Much of its portfolio includes office buildings, although it also owns retail and mixed-use properties. In Charlotte, it also owns a data center in uptown.
As a few commercial asset classes have become more uncertain through the Covid-19 pandemic, some investors have begun buying, for the first time, apartment properties, as JLL and others have noted. Charlotte has seen a buying spree of apartments in the second half of 2020, especially in the suburbs. The sector has been widely viewed as more stable and resilient through the pandemic.
Beverley, which was developed by Charlotte-based Proffitt Dixon Partners, finished construction this year. The property was 71% leased at the time of sale. Beverley includes amenities like coworking spaces, a rooftop deck, saltwater pool, dog park, spa, fitness center and upscale interior finishes.
Jim Yoder, partner at Velocis, said in a statement the firm sees immense opportunity in the U.S. multifamily market but remains incredibly prudent in how it deploys capital.
“In fact, we looked at nearly 100 multifamily assets before finding the right fit with Beverley,” Yoder said. “As a new, high quality, top-of-market asset in the late lease-up stage, the fundamentals we found in Beverley will allow us to continue the property’s leasing momentum toward stabilization without renovation costs and the associated risk.”
JLL marketed the Beverley property.