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Atlanta & Southeast  + Carolinas  + Apartments  | 
Continental Realty Corporation has acquired the Sycamore at Tyvola apartment community in Charlotte, NC for $96.3 million.

Charlotte Multifamily Trades to Continental Realty Corporation in $96M Loan-Assumption Deal

Baltimore, MD-based Continental Realty Corporation has acquired Sycamore at Tyvola, a 288-unit multifamily located in Charlotte, NC for $96.3 million. Continental Realty Corporation will assume the in-place 40-year amortizing fixed-rate HUD loan at a 2.96% interest rate with a mortgage insurance premium.

Michael Saclarides of Cushman &Wakefield represented the seller.

The transaction marks the eighth NC multifamily purchase by real estate investment and management firm Continental Realty Corporation, which now owns and self-manages approximately 1,600 units throughout the state.

“Sycamore at Tyvola was constructed as a generational long-term hold resulting in design features that are above market standards,” said JM Schapiro, CEO of Continental Realty Corporation. “With the long-term investment profile of Continental Realty Corporation’s $144-million Core Multifamily Fund, this is a prototypical deal for this fund.”

Through its various funds, Continental Realty Corporation has acquired more than $1.2 billion worth of retail and multifamily assets in the last 10 years, primarily in the Southeast.


Inside The Story

Continental Realty Corporation’s JM Schapiro

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.