Development

Monroe Road apartments sold for $12.8 million

The Forest at Chasewood apartments on Monroe Road.
The Forest at Chasewood apartments on Monroe Road.

An apartment complex on Monroe Road has been sold to a private equity firm for $12.8 million, former owner Eller Capital Partners said Monday.

The Raleigh-based multifamily investment and development firm bought the Forest at Chasewood apartments in 2013 for $8.3 million from an affiliate of Fannie Mae. The company said it decided now was the right time to sell, and real estate records show the 220 apartments, built in 1985, were acquired by Boston-based Peak Ridge Capital Group.

“The Forest at Chasewood is located in an area of Charlotte that has undergone significant revitalization over the last few years,” said Daniel Eller, Eller Capital’s CEO. “We acquired the property at a time when its operations were distressed and we were able to very quickly improve and optimize the performance.”

Eller said he plans to look at other deals in Charlotte, and that he’s interested in development and acquisition opportunities. The company sold another development, the Laurel Walk Apartments in south Charlotte, for $7.4 million last year.

“Charlotte is one of the fastest growing and best performing markets in the country,” said Eller. “We continue to believe strongly in its fundamentals, and we will continue to be actively involved in the Charlotte apartment market.”

Ely Portillo: 704-358-5041, @ESPortillo

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