Velocis Makes First Multifamily Acquisition: 201-Unit Apartment Property in CharlotteDecember 28, 2020
CHARLOTTE, NC – (Dec. 28, 2020) – Velocis, a private equity real estate manager, has made its first multifamily acquisition with the purchase of Beverley, a 201-unit mid-rise apartment community in Charlotte. Beverley was built in 2020 by Charlotte-based developer, Proffitt Dixon Partners and was lightly marketed to a select group of investors by JLL.
Responding to pandemic-driven changes in the US real estate market, Velocis has broadened its investment optionality by adding multifamily assets to its investment product offerings. As its first multifamily acquisition, Beverley represents an opportunity for the real estate manager to stay true to its value-add strategy while expanding into a new asset class.
“We see immense opportunity in the multifamily market across the country, but we’re still incredibly prudent in how we deploy capital. In fact, we looked at nearly 100 multifamily assets before finding the right fit with Beverley,” said Jim Yoder, Velocis partner. “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.”
Beverley is located in Charlotte’s prime Ballantyne submarket, which has experienced tremendous recent growth with the relocation of major corporate employers to the area, along with Class A retail and the 2,000-acre Ballantyne master-planned community.
Beverley features top-of-market unit features and community amenities, including coworking spaces, a rooftop deck, a resort-style saltwater pool, dog park, spa, fitness center and luxury interior finishes. The property is currently 71% leased.
Dallas-based Velocis has been active in real estate since 2010, purchasing 33 assets located in major markets within Arizona, Colorado, Texas, Georgia, Florida, North Carolina, Virginia, and the Washington D.C. Metro Area. Velocis is led by a team of five seasoned partners who are directly responsible for the acquisition, asset management and disposition of assets. Velocis partners include Fred Hamm, Mike Lewis, Jim Yoder, Paul Smith and David Seifert.
Velocis is a private equity real estate investment firm, active in the acquisition, operation/management and disposition of commercial real estate in the United States. Additional information about Velocis can be found at velocis.com.
This does not constitute an offer to sell, or a solicitation of any offer to buy any securities or investment advice, nor is it intended to be a description of all material factors an investor should consider before making any investment.