OREI Acquires Two Charlotte Apartment Properties for Combined $69M
One Real Estate Investment (OREI) of Miami has acquired two multifamily communities in Charlotte totaling 550 units. The properties, which included the 310-unit Kelston Apartments and 240-unit Avalon Apartments, where purchased for $68.7 million using a combination of $51.4 million in Fannie Mae and Voya debt across the two assets.
Built in 1986, Kelston Apartments is located at 1207 Kelston Place and offers one-, two- and three-bedroom units. OREI intends to develop a new clubhouse at the asset with a fitness center, leasing office, cyber café and swimming pool. Avalon Apartments was built in 1999 and is located at 6000 Regal Estate Lane. The community consists of one-, two- and three-bedroom units with amenities that include a renovated clubhouse, coffee & tea bar, media/entertainment lounge, pool table, fitness center and dog spa.
Mitch Sinberg and Brad Williamson of Berkadia’s South Florida Mortgage Banking team arranged the debt financing on behalf of OREI. Noam Franklin, Chinmay Bhatt and Cody Kirkpatrick of Berkadia delivered MLG Capital as the JV equity partner in the acquisition. Voya originated the 3-year, floating rate loan with 3 years IO for Kelston Apartments. Fannie Mae originated the 10-year, fixed rate loan for Avalon Apartments.
For comments, questions or concerns, please contact David Cohen
- ◦Financing