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Magma Equities and Prudent Growth Partners have acquired The Oaks Apartment Homes in Lincolnton, NC, in an off-market transaction for $17.8 million.

Magma Erupts in NC with $222M in 2022 Acquisitions; Latest is $18M Lincolnton Multifam

Magma Equities — in joint venture with Chapel Hill, NC-based Prudent Growth Partners — has acquired The Oaks Apartment Homes, a 111-unit garden-style multifamily in the Charlotte submarket of Lincolnton, NC, in an off-market transaction for $17.8 million.

The transaction marks CA-based Magma’s fifth NC purchase in 2022, for a total of $221.5 million:

  • The Oaks Apartment Homes, Lincolnton, $17.5 million
  • Litchford 315 Apartments, Raleigh, $83 million
  • Keystone Apartments, Fayetville, $23.7 million
  • Cameron SouthPark, Charlotte, $79.3 million
  • The Hyatt Place North Raleigh-Midtown, Raleigh, $18 million (for conversion to multifamily)

Completed in 2002, The Oaks consists of one-, two- and three-bedroom apartment homes housed in eight two-story residential buildings on an 11.66-acre site. The community was 97% leased at closing.

“The Charlotte metro has demonstrated stout fundamentals, both economically and demographically, that will support sustained growth even through these inflationary times,” said Magma’s director of asset management Chris Herrlinger, who heads up the company’s new regional office in Charlotte.


Inside The Story

Magma Equities' Herrlinger

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.

  • ◦Sale/Acquisition
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