Development

The apartments surrounding the Thirsty Beaver have a new owner after $82 million sale

The apartments surrounding the Thirsty Beaver, a dive bar that has become a symbol of neighborhood resistance to development, sold this month for $82 million, real estate company Cushman & Wakefield said.

Lindemann Multifamily Management purchased the 323-unit apartment building in Plaza Midwood from a group of firms: Kaplan Residential, CampusWorks Development and an affiliate of global investment firm the Carlyle Group, according to the release this week.

The previous owners acquired the Overton Row apartments in 2015 for $8.5 million and tried to acquire the Thirsty Beaver property too. In 2017, the Thirsty Beaver’s owners, brothers Mark and Brian Wilson, told the Observer they “don’t feel like going anywhere.” The brothers credited their landlord, George Salem, whose family had owned the land for around 70 years, with deciding not to sell. Property records show Salem still owns the land.

The bar has been a landmark in a neighborhood that has changed rapidly since it opened in 2008. Last month, the owners of the iconic Dairy Queen on Central Avenue said the store, which has been open for more than half a century, would close. And the shopping center and parking lot with CVS, the Roasting Company and other businesses is up for sale.

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The Thirsty Beaver at 1225 Central Avenue in Charlotte, while the Overton Row apartments were being built around the bar. Observer Archives.

In the release, Marc Robinson of Cushman & Wakefield called Plaza Midwood the “city’s most walkable urban nucleus.” The extended streetcar line will soon stop nearby.

“Overton Row is a premier asset in Plaza Midwood, an urban neighborhood that has become one of the most dynamic in Charlotte due to its authenticity and proximity to Uptown Charlotte,” Robinson said.

It’s not the only apartment building that has sold for a high price tag recently. In July, Crescent Communities sold Novel NoDa apartments to an entity affiliated with AEW Capital Management in a $90 million deal, property records show.

Danielle Chemtob covers economic growth and development for the Observer. She’s a 2018 graduate of the journalism school at UNC-Chapel Hill and a California transplant.
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