Three Charlotte apartment buildings have new owners and big plans for upgrades

Charlotte multifamily investment and management firm Middleton Meyers has partnered with Torchlight Investors to buy nearly 1,000 units at three northeast Charlotte apartment complexes, the companies announced.

Middleton Meyers did not disclose how much it paid for the apartments — Maple Run Apartments; The Townes at University Pointe, which also has townhomes; and Woodland Hollow Apartments.

The complexes are about 3 miles from both NoDa and UNC Charlotte, near the Tom Hunter light-rail stop.

The firm plans to invest in apartment upgrades but also keep the apartments affordable, according to a news release.

The deal comes as rent at Charlotte apartments keeps increasing. Apartments now average over $1,000 a month, according to apartment-tracking company Real Data, with one-bedrooms averaging $1,040 a month.

Middleton Meyers will spend $2 million over the next year on exterior upgrades, including landscaping, adding sidewalks and improvements to school bus stop areas, said Andy Dyer, chief investment officer of Middleton. Another $8 million will be spent during the next three to five years to pay for other improvements, including new kitchens and appliances, he said.

There will likely be incremental increases in rents to recover some of the investment, Dyer said. "Our plan is to deliver a much higher-quality product than what’s there right now,” he said.

The cheapest apartment across the three complexes is a one-bedroom, one-bathroom, 675-square-foot layout at The Townes, which starts at $499 a month.

Occupancy for all three properties is at 96 percent, Dyer said.

The three apartment complexes were previously owned by Lichtman Nass Development Group, based in Boca Raton, Fla.

This story was originally published June 26, 2018 at 10:08 AM with the headline "Three Charlotte apartment buildings have new owners and big plans for upgrades."