Development

Apartments in fast-changing part of south Charlotte sold for almost $54.6 million

An apartment community on Rea Road in South Charlotte has been sold for just under $54.6 million, real estate records show.

The site on Piper Station Station Drive is directly behind the shuttered Applebee’s that’s kicked off a debate about the area’s walkability, as developers seek to build a hotel there. Just south of Interstate 485, the former Piper Station Apartments are across from the Stonecrest shopping center.

The apartments total 330 units, with two phases, built in 1997 and 2015. The sale price comes out to about $165,000 per unit for the garden-style apartments.

A company affiliated with Florida-based Ram Realty Services sold them to another company affiliated with Washington, D.C.-based MRP Realty. Ram had acquired the apartments in 2012 for about $23.5 million, according to Mecklenburg County real estate records.

The transaction is the second big move for Ram in the Charlotte market over the past several months. In November, Ram sold the Design Center of the Carolinas in South End to a new owner for $42.7 million.

ARA Newmark represented the seller in the Piper Station deal. Dean Smith was the primary broker, with John Heimburger, Sean Wood Jason Kon and John Munroe participating.

Ely Portillo: 704-358-5041, @ESPortillo

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