OREI Acquires Two Charlotte Apartment Properties for Combined $69M
One Real Estate Investment (OREI) of Miami has acquired two multifamily communities in Charlotte totaling 550 units. The properties, which included the 310-unit Kelston Apartments and 240-unit Avalon Apartments, where purchased for $68.7 million using a combination of $51.4 million in Fannie Mae and Voya debt across the two assets.
Built in 1986, Kelston Apartments is located at 1207 Kelston Place and offers one-, two- and three-bedroom units. OREI intends to develop a new clubhouse at the asset with a fitness center, leasing office, cyber café and swimming pool. Avalon Apartments was built in 1999 and is located at 6000 Regal Estate Lane. The community consists of one-, two- and three-bedroom units with amenities that include a renovated clubhouse, coffee & tea bar, media/entertainment lounge, pool table, fitness center and dog spa.
Mitch Sinberg and Brad Williamson of Berkadia’s South Florida Mortgage Banking team arranged the debt financing on behalf of OREI. Noam Franklin, Chinmay Bhatt and Cody Kirkpatrick of Berkadia delivered MLG Capital as the JV equity partner in the acquisition. Voya originated the 3-year, floating rate loan with 3 years IO for Kelston Apartments. Fannie Mae originated the 10-year, fixed rate loan for Avalon Apartments.
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.
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