Real estate investment firm Waterton has purhcased a north Charlotte apartment complex for $51.9 million, according to the company and real estate records.
The 426-unit Addison Park community is on W.T. Harris Boulevard near West Sugar Creek Road. Situated on 44 acres, there are 22 three-story buildings in Addison Park, which includes pools, a gym, fireplaces, dog park and garages.
“There continues to be strong demand for luxury rental housing in Charlotte,” said Matthew Masinter, senior vice president of acquisitions at Waterton, in a statement. The sale closed in late January. “This was an opportunity to acquire an attractive asset in a highly sought-after location, with proximity to schools, retail and major employment centers like Charlotte’s University Research Park.”
Waterton plans to renovate the buildings’ interiors and common areas to make Addison Park more appealing to prospective tenants.
“Our capital improvement strategy will put us in a better position to compete against existing rental stock and new apartment projects currently in the pipeline,” said Masinter.
Waterton bought Addison Park from a company affiliated with Heitman, a Chicago-based real estate investment group. Heitman purchased the community in 2010 for $33 million.
Waterton, also based in Chicago, manages a $4 billion portfolio and over 20,000 apartment units across the U.S.