MAA Sells Charlotte Apartments for $41.8M

MAA sold the 216-unit South Tryon Apartments in Charlotte for $41.8 million. The buyer was McDowell Properties.

Northmarq’s  team of  Andrea Howard, Allan Lynch, John Currin, Caylor Mark, Jeff Glenn and Austin Jackson represented MAA. Northmarq’s Howard added, “With over 20 years of institutional ownership by MAA, the property required minimal deferred maintenance. It’s mostly original interiors made it an ideal value-add opportunity for private capital looking for a ‘bite-sized’ deal in the growing Charlotte MSA.” 

Northmarq’s Debt + Equity team, led by Faron Thompson, Grant Harris, and Cabell Thomas, arranged financing through Freddie Mac on behalf of the borrower, McDowell Properties. The $24.77 million permanent fixed loan was structured on a five-year term with a 35-year amortization schedule. 

Built in 2002 and renovated in 2022, South Tryon Apartments, located at 7601 Holliswood Ct, feature one-, two- and three-bedroom floorplans boasting private patio and balcony options.  Community amenities include 36 detached garages, 42 storage spaces, a fitness center, resort-style pool, a bark park, grilling area, car care center with vacuum and a playground.