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Goldrich Kest Snags Two Apartment Properties in Charlotte

California-based privately-owned real estate investor, builder and property manager Goldrich Kest has acquired two apartment complexes in Charlotte. The sales prices for the two properties were not disclosed.

The two assets include Sterling Magnolia Apartments, a four-story, 174-unit property featuring one-, two- and three-bedroom units and the 82-unit Cedar Flats Apartments, which contains one- and two-bedroom units ranging in size from 659 to 1,214 square feet. Amenities include swimming pools, outdoor kitchens, outdoor fireplaces and fitness centers as well as a game room and bike repair station.

“We see tremendous opportunity in the Southern states and North Carolina, in particular, is very desirable,” said Michael Drandell, CEO at Goldrich Kest. “For instance, the job market in Charlotte experienced an increase of 2.7% over the past year and that trend is expected to continue with projections that it will rise to 45.2% over the next decade.  You can compare that with the US average, which is expected to increase by 33.5%.”


Inside The Story

Goldrich Kest

About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

  • ◦Acquisition
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