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.