Development

A Kuwait-backed firm just bought apartments right outside of uptown Charlotte for $78.5 million

Loft 135
Loft 135

A New York-based investment firm has purchased the Loft 135 apartment building on West Morehead Street for $78.5 million, according to property records.

An entity affiliated with Wafra Investment Group bought the building from its Ohio-based developer, NRP Group, in a deal that closed last Thursday. Announced in 2014 and completed earlier this year, Loft 135 is a five-story building that includes 298 units at Morehead and Church streets.

The 2.4-acre site was purchased by NRP Group in 2013 for just under $8.2 million. It was mostly occupied by surface parking, with a single-story commercial building.

A Wafra representative said Thursday that no one in the office was available to answer questions about the acquisition. The company is owned by the Public Institution for Social Security of Kuwait, which represents and makes investments on behalf of the Kuwaiti government. With principal offices in both New York and Kuwait, the company has more than $15 billion worth of assets under management.

The company owns numerous apartments and retail properties throughout the U.S., including high-rise apartments in New York City, student housing in Texas and malls in California and Florida.

Loft 135 was NRP Group’s first project in Charlotte. About two-thirds of the units in the building, where rent starts at $1,175, are one-bedroom apartments, while about one-third have two bedrooms. CBRE’s Phil Brosseau and Kevin Kempf represented NRP.

NRP Group isn’t leaving the Charlotte market, however. The company won approval in March to build 335 apartments along the Blue Line extension, north of uptown in Optimist Park, between Parkwood Avenue and 21st Street.

Ely Portillo: 704-358-5041, @ESPortillo

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