California-based privately-owned real estate investor, builder and property manager Goldrich Kest has acquired two apartment complexes in Charlotte. The sales prices for the two properties were not disclosed.
The two assets include Sterling Magnolia Apartments, a four-story, 174-unit property featuring one-, two- and three-bedroom units and the 82-unit Cedar Flats Apartments, which contains one- and two-bedroom units ranging in size from 659 to 1,214 square feet. Amenities include swimming pools, outdoor kitchens, outdoor fireplaces and fitness centers as well as a game room and bike repair station.
“We see tremendous opportunity in the Southern states and North Carolina, in particular, is very desirable,” said Michael Drandell, CEO at Goldrich Kest. “For instance, the job market in Charlotte experienced an increase of 2.7% over the past year and that trend is expected to continue with projections that it will rise to 45.2% over the next decade. You can compare that with the US average, which is expected to increase by 33.5%.”
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles.
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