CHARLOTTE, NC- Sandhurst Apartment Management (“SAM”)has announced the purchase of 1700 Place Apartments, a 214-unit multi-family garden style apartment complex built in 1986 located in Charlotte, NC. The acquisition closed in May 2021.
1700 Place Apartments is situated outside of Uptown Charlotte, just off of Independence Blvd (I-74). The community is located near McAlpine Creek Park, arguably one of the nicest amenities in the greater Charlotte area. Located off of Monroe Road, 1700 Place sits just minutes from Uptown, Plaza Midwood and SouthPark, all of which offer many popular shopping and dining options. The property features an expansive resort style pool, fitness center, business center, clubhouse and a bark park. SAM plans to continue a value-add strategy at this community, which will include updated flooring, cabinetry, paint, appliances and countertops. Other improvements in addition to the interior renovations will include updated landscaping to improve the property’s curb appeal. With continued updates to the asset and the multi-lane freeway expansion of Independence Blvd., we are projecting strong rent growth during our hold period.
Sandhurst Apartment Management is pleased to purchase its fourth asset in the Charlotte MSA. With easy access to local highways, strong retail and dining presence and an abundance of high paying employment opportunities, 1700 Place is situated in an excellent location. Charlotte is growing rapidly; 1700 Place is located in a submarket that has seen above average effective rent growth (nearly 18.3%) over the last 5 years when compared other submarkets in the Charlotte MSA. As Charlotte continues to see strong employment growth in banking, finance and healthcare fields, this acquisition proves to be consistent with our strategy of buying assets located in growing submarkets with strong demographics, excellent value-add opportunities and above-average economic growth.
ABOUT SANDHURST APARTMENT MANAGEMENT (“SAM”)
Sandhurst Apartment Management is a forward-thinking, time tested group that provides a wholly integrated package of property management services, including on-site asset management, construction supervision and due diligence. Our success is rooted in our thoroughly vetted, value-add property investments that provide high-quality rental apartments in good school zones with attentive, hands-on-property management. Sandhurst owns and manages assets in 10 states totaling 11,000 units in excess of $1 Billon.