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Former Burned-Out Charlotte Apartments Trade for Nearly $500K/Unit
Mid-America Apartment Communities acquired Modera Liberty Row from Mill Creek Residential for $116.3 million. That works out to nearly $500,000 a unit.
Mill Creek developed Modera Liberty Row in partnership with Hawthorne Residential Partners. It has 239 units across two buildings at 7740 and 7741 Liberty Row Drive. The development has been renamed MAA Liberty Row.
Amenities include a pool, fitness center with yoga studio, multiple clubrooms, elevated courtyards, golf simulator lounge, bocce ball courts, coworking spaces, private offices, pet spa and bike storage.
The Charlotte Business Observer reports the project was expected to be delivered in spring 2024 before a massive fire destroyed the nearly completed development in May 2023. The building that caught fire was demolished to the concrete slab, and workers removed the wood frame from the second building because of severe charring on the sides facing the fire. Reconstruction began in January 2024, and residents began moving in last summer.
- ◦Sale/Acquisition
