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Charlotte Apartment Asset Flips for $22.3M
An apartment complex off George W. Liles Parkway in Concord changed hands in a recent sale. Tower Place Apartments sold for $22.3 million. The buyer was Silverado Interests. The 128-unit complex was sold by GVA.
The Charlotte Business Journal report the site was previously acquired by GVA in 2022 for $27.6 million. At that time, Tower Place was bought from Cedar Grove Capital. Cedar Grove bought the property in 2017.
The Tower Place transaction included two parcels totaling nearly 23 acres at 51 Tala Drive SW. The apartments sit on a 15-acre portion of the land, while another 7.6-acre vacant parcel was also included in the sale.
On its website, Silverado says it provides equity capital for the acquisition, development, and repositioning of real estate assets as a Sponsor of General Partnership and “Co-GP” structures.
- ◦Sale/Acquisition
