Napali Capital sold Residences at Belmont, a 176-unit garden-style multifamily property located in Belmont, N.C., to URS Capital. URS Capital assumed a $12.8 million, fixed-rate Fannie Mae loan. Commercial Edge reports it was originated by Berkadia in 2018 at a 4.87 percent interest rate. The asset last traded in 2018 for $12.8 million when the current seller acquired it from American Residential Investment Management for $16.7 million.
Just south of I-85, residents of the development can access multiple shopping and dining options, including a Walmart Supercenter, a Lowe’s and an Aldi.
Comprising 24 two-story buildings, the class B asset came online in two phases, the second wrapping up in 1996. Floorplans include one-, two- and three-bedroom units between 570 and 1,179 square feet. Washer and dryer hookups are featured in select units. The community offers a playground, swimming pool and laundry facilities outside of Charlotte. Berkadia Charleston managing director Mark Boyce represented the seller.
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Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.