Hotel-to-Multifamily Conversion Trades in Charlotte

Vertex acquired Flats at 87Ten, a hotel-to-multifamily conversion at 8710 Research Drive in Charlotte, from Lucern Capital for $9.7 million. Originally constructed in 2000 as a TownePlace Suites extended-stay hotel, the property was fully redeveloped (by Lucern) in 2023 into a 96-unit boutique-style luxury apartment community near the UNC Charlotte campus.

The conversion included interior shared space and unit renovations as well as significant exterior renovations. Amenities include a pool, fitness center, lounge area, package lockers and a clothes care facility.

The apartment community has studio, one- and two-bedroom units. Monthly rental rates start at $999 for a studio, $1,099 for a one-bedroom apartment and $1,249 for a two-bedroom unit.

Northmarq represented the seller, Lucern Capital Partners, and procured the buyer, Vertex Investments. Ron Corrao, Eric Liebich, Matt Weinstein and Dane Lozier of Northmarq’s Charlotte, North Carolina office brokered the Flats at 87Ten.