CHARLOTTE, North Carolina, May 2, 2018 – Cushman & Wakefield has arranged the sale of The Enclave at Rivergate, a 216-unit apartment community located in Charlotte, North Carolina. Jordan McCarley, Marc Robinson and Watson Bryant of Cushman & Wakefield represented the seller, Passco Companies, in the transaction. Mesirow Financial acquired the property.
“Southwest Charlotte, particularly Steele Creek, is a thriving submarket with outstanding job growth and attractive fundamentals,” McCarley said. “The Enclave at Rivergate is well positioned to benefit from the area’s momentum. In addition, this sale represents the continued demand that we’re seeing for communities in quality suburban locations.”
“As the market flourishes, we viewed this as an opportune time to sell this asset, which ultimately generated an attractive return for our investors,” added Jeff Olshan, Senior Vice President, Multifamily Investments of Passco.
The Enclave at Rivergate boasts the largest average unit size in the submarket (25 percent larger on average). In addition, the property is ideally situated in a thriving submarket with favorable supply/demand dynamics. Amenities include a car care center, clubhouse/leasing center, dog park, fitness center, yoga/pilates room and laundry facility.
“We are excited to be involved in the next chapter of The Enclave at Rivergate,” said Charles Kendrick, Senior Managing Director and Co-Chief Investment Officer of Mesirow Financial’s Direct Real Estate business. “We look forward to offering residents enhanced amenities and modern designs within the vibrant surroundings of Steele Creek.”
Cushman & Wakefield’s Southeast Multifamily Advisory Group is the most active firm in the region, with the No. 1 market share based on transactions and sales volume reported to CoStar. In 2017, the group closed $4.8 billion in sales volume (a 34.6 percent year-over-year increase) through 268 deals and more than 55,000 units. For more information about Cushman & Wakefield’s Southeast Multifamily Advisory Group, visit https://multifamily.cushwake.com.