Development

Luxury uptown apartment building sold for $55 million. Changes are already planned

The Presley Uptown apartments sold this week for approximately $55 million to an Atlanta-based firm.
The Presley Uptown apartments sold this week for approximately $55 million to an Atlanta-based firm.

A luxury apartment complex in uptown built on what was once city-owned land has a new owner, after an approximately $55 million sale that closed this week.

Real estate firms PENLER and JLL Income Property Trust acquired the Presley Uptown, a 230-unit apartment building at Stonewall and McDowell streets, the firms said this week.

The apartments were developed by Charlotte-based Proffitt Dixon Partners, on a 2.2-acre site the company bought from the city in 2013 for $3.8 million.

In a release, PENLER cited uptown’s rapid growth, and the proximity to Interstate 277 and the light rail, as well as shops and other entertainment. It’s the company’s first asset in uptown.

Rents range from about $1,200 for a studio to $3,889 for a three-bedroom apartment, according to Apartments.com.

The amenities in the complex include a saltwater pool with a bar, a rooftop lounge and fitness center. PENLER said in the release that it plans to “refresh” some of the common areas in the next year. It also plans to add smart-home technology throughout the building.

The land was one of multiple parcels the city sold off along Stonewall Street to developers that has helped spur a wave of new apartments and retail. Crescent Communities built the Whole Foods and Novel Stonewall Station on land it bought from the city in 2015 for $10.3 million.

Across South Caldwell Street, developer Northwood Ravin is building the Uptown 550 apartments, on a parcel formerly owned by the city.

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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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