Beach Real Estate Funds Digs Up $39M for 162-Unit Community in Charlotte

Charleston, SC-based Beach Real Estate Funds, LLC (BREF), an affiliate of The Beach Company, has completed its $39-million acquisition of The Brook, a 162-unit garden-style multifamily community in Charlotte, NC.

Kevin Kempf, Howard Jenkins, Drew Harney, William Yowell and Emma Sidman of CBRE facilitated the sale on behalf of the seller, while Nate Sittema and Kristen Reilley facilitated the buyer’s financing. BREF’s acquisition team of Darby Parker and Niko LeVigne facilitated the sale on behalf of the buyer.

“We plan to perform a variety of exterior, amenity and interior improvements that will maximize the competitiveness of the property in the market, while generating outsized demand that will appeal to a broader renter base,” says Ward McCarthy, BREF’s asset management manager.

The 1984-constructed property has 17 residential buildings on 11 acres with pool and sundeck, fitness center, playground, canopied picnic and hammock area, dog park and car care station. It is located in Charlotte’s Pineville/Quail Hollow submarket.