South End’s NOVEL Atherton luxury apartment building sold
NOVEL Atherton, a 346-luxury apartment building along a main thoroughfare in South End, was sold Wednesday.
Atherton opened to residents in October 2019 and was developed by Crescent Communities. It features a heated salt water pool with views of the Charlotte skyline, an outdoor coworking space, a 3000-sq. ft. fitness center, bike storage and more.
The building is attached to several retail stores including Madewell, Sephora and Lululemon. It’s also close to the LYNX Blue Line, a Publix grocery store and several restaurants.
“All the amenities set it apart,” said Phil Brosseau, a managing director for Eastdil Secured, an investment sales broker that handled the sale for Crescent.
Brosseau said he’s handled a large number of sales involving multifamily projects in Charlotte — but has never seen interest like he did in NOVEL Atherton. There were a number of bidders, including international.
The building was sold to an institutional buyer, but Brosseau said he couldn’t disclose the buyer’s name or the sales price.
He said the building’s location and proximity to retail, restaurants and transit were also appealing to investors.
“Crescent’s stamp in terms of what they build is a step above,” he said.
