An apartment community in northeast Charlotte has been sold to a new owner who is planning multimillion dollar upgrades to the property.
The Pavilion Crossing apartments at North Tryon Street and Interstate 485 were sold to Robbins Electra, a real estate company that owns some 23,000 apartment units throughout the South. The company will rename the apartments: Grand Reserve at Pavilion.
“We are pleased and excited to add Grand Reserve at Pavilion to our Charlotte portfolio, which now includes eight sizable properties,” said Joe Lubeck, CEO of Robbins Electra, in a statement. “It is well built, well located and acquired advantageously. Our plans will include a dramatic and comprehensive renovation that we know the residents will love.”
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The sale price wasn’t disclosed, and paperwork related to the sale hadn’t been filed publicly with the Mecklenburg County Register of Deeds as of Monday morning.
Robbins Electra said this is the eighth garden-style apartment community the company has acquired this year. The company views this as a “value-add” acquisition, typically a term for a property that can be acquired and renovated to generate higher rents in the future.
The apartments total 408 units and are 95 percent occupied, with monthly rent averaging $919. Robbins Electra said it plans to make $3.6 million worth of renovations to the property, including new granite countertops, washer and dryers in all units, new, black appliances and updated light fixtures.