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Stonecutter Sells Charlotte Rental Asset for $30M
Northmarq represented the seller of The Park at Fenentino, an affordable rental community in Charlotte. A team led by Andrea Howard represented Stonecutter Capital. The buyer was non-profit housing fund, Community Solutions. Built in 1980, the 216-unit complex sold for $30.8M, just under $150,000 a unit.
“The new owner is a mission-driven fund seeking to reduce veteran homelessness and preserve affordability in the community, and this property is its first in Charlotte. Additionally, we are thrilled for our client on a successful sale during a challenging time in the capital markets”‘ said Howard.
Amenities include a resort-style pool, fitness center, yoga room, lake views, and abundant green space. The Park at Ferentino is just five minutes from Meridian Place, a mixed-use community with 100,000 square feet of retail and office space, and within 15 minutes of Uptown Charlotte.
The Park at Ferentino neighbors the 280-unit multifamily community, The Park at San Remo, which also recently sold for $39.2 million.
- ◦Sale/Acquisition
