Development

2 Charlotte apartment complexes sold for almost $57 million

Laurel Walk apartment complex
Laurel Walk apartment complex

Two Charlotte apartment complexes were sold in separate transactions Monday, company representatives said, for a total of almost $57 million.

Both apartment communities are in southeast Charlotte. The first, Bell Morrison, was formerly the Morrison at SouthPark apartment complex. Bell Partners bought it in 2012, changed the name to Bell Morrison, and invested $1.6 million in renovations. The company said it was able to increase rents an average of 39 percent.

Now, the Connor Group, an Ohio-based apartment company, has purchased the apartment complex near Sharon and Colony roads for $49.5 million.

“We are very pleased with this transaction. As a result of our teams’ exceptional, collaborative efforts, the property has generated compelling returns for our investors,” said Bell Partners senior vice president of investments Joseph Cannon, in a statement.

Off Providence Road, Chapel Hill-based Eller Capital Partners sold the Laurel Walk apartment complex on Summit Walk Drive to Investors Management Group for $7.4 million. Multi Housing Advisors represented the seller.

Daniel Eller said his firm had acquired the complex in 2012. The company upgraded more than 20 percent of Laurel Walk’s apartment units.

Eller said his company remains interested in buying more apartments in Charlotte. Eller Capital Partners also owns the Forest at Chasewood apartments off Monroe Road.

“The Charlotte market is one of the best multifamily markets in the country,” said Eller.

Ely Portillo: 704-358-5041, @ESPortillo

  Comments