CHARLOTTE, NC – Charlotte multifamily investment and management firm Middleton Meyers, along with capital partner Torchlight Investors, has bought three apartment communities totaling 984 units on 75 acres in northeast Charlotte, with plans to enhance the properties but maintain their affordability for working-class residents.

Located within walking distance of the Tom Hunter station along the LYNX Blue Line light rail system, the three contiguous properties – Maple Run Apartments (310 units), The Townes at University Pointe (428 units) and Woodland Hollow Apartments (246 units) – represent one of Charlotte’s largest multifamily acquisitions by number of units. 

Andy Dyer, chief investment officer for Middleton Meyers, said the company plans $10 million in improvements to the properties over the next four to five years, including a $2 million upgrade to exterior features within the next 12 months. The company also intends to keep rents well within reach of the middle-income individuals and families who comprise the neighborhood, which is in the early stages of a resurgence spurred by the new light rail access.

Dyer also pointed to desirability of being located halfway between NODA and UNC Charlotte as a cause for growing interest in the area, where development plans include new apartment communities and the expected opening of Charlotte’s second Topgolf location. 

“The arrival of the LYNX Blue Line is spurring a lot of very positive changes to the area, in addition to providing simple access to Uptown, South End, UNC Charlotte and other areas of town,” said Dyer. “We’re looking forward to working with city and county officials on ways to enhance the neighborhood even further, like adding sidewalks and lighting to make the area more pedestrian-friendly.”

“These communities delight in a high occupancy rate and very stable tenant base, with some residents who have lived there for 30 years or longer,” said Dyer. “We’re really glad that they’ll be able to delight in the improvements and enhanced service levels Middleton Meyers has plotted.” 

Dyer characterized the buy as an “off-market transaction,” meaning the communities were not actively being marketed for sale. All three properties were previously owned by Lichtman Nass Development Group LLC, a real estate investment and management firm based in Boca Raton, Florida. 

“The Charlotte market continues to demonstrate significant growth in terms of both population and industry, and we are excited about this acquisition,” said Torchlight Investors Senior Vice President Henry Gom.  “We believe these properties are well-positioned to benefit from an attractive submarket and a well-designed capital improvement plot to be implemented by our partner.”

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LONDON – Greystar Real Estate Partners, a global rental housing leader, the Public Sector Pension Investment Board, one of Canada’s largest pension investment managers, and Allianz Real Estate, the global real estate investment and asset manager, announced a joint venture to grow Chapter, London’s leading student accommodation brand.

Allianz is acquiring an interest in Chapter alongside PSP Investments and Greystar’s current stake. This new partnership supports an expansion program targeting 10,000 student beds and doubling the size of the portfolio within five years. The partnership’s strategy is to continue to grow the portfolio through acquisitions and new developments in addition to continuing to improve the existing assets and Chapter brand.

Greystar is the global leader in the operations, investment and development of rental housing with over 435,000 units under management globally. It will continue to manage this portfolio, which currently comprises 5,100 student beds in ten central London locations, including Aldgate, Islington, King’s Cross, South Bank and Spitalfields. Chapter White City in west London and Chapter Highbury II in north London, the two newest additions to the Chapter portfolio, will launch in September 2018.

“This partnership marks an vital step in the rapidly growing institutional-grade rental housing and student accommodation investment market in the UK,” said Bob Faith, Founder and CEO of Greystar. “We are excited to partner with PSP and Allianz on this exciting endeavor. We have a hugely ambitious target to scale the business to secure major operational efficiencies. This joint venture means we’re now in a strong position with tremendous financial resources to realize Chapter’s potential.”

“London’s housing market is under enormous pressure and student accommodation in prime locations is highly constrained,” added Faith. “London is a global leader in higher education attracting students from around the world and Chapter is well positioned to provide quality housing in prime locations. We have built Chapter into a strong brand, which students and parents from around the world trust to provide a safe and secure home while they are pursuing their studies.”

“We are very excited to welcome Allianz, an internationally renowned and respected real estate investor, into our established and successful partnership with Greystar,” added Stéphane Jalbert, Managing Director (Europe and Asia Pacific), Real Estate, PSP Investments. “Chapter is now a recognized, income-generating business and this new partnership will strengthen and grow this highly efficient purpose-built student accommodation platform.

“Allianz and Greystar share our long-term view and focus on high-quality assets in central London with a steady income stream. Teaming up will facilitate a period of expansion for Chapter in London.”

“This joint venture with Greystar and PSP Investments underlines our strategic commitment to scale up our global allocation to high-quality student accommodation in established markets”, said Olivier Téran, CIO of Allianz Real Estate. “We look forward to playing a key role in supporting the partnership’s ambitious expansion plans and to making additional investments in the sector across the board.

“This transaction is particularly vital for Allianz as it also marks our largest equity investment into the UK, which has become an increasing focus for us across the capital structure. We will continue to explore opportunities to increase our footprint in the UK as part of our global diversification strategy.”

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DENVER, CO – One of the more anticipated multi-family residential construction projects, Radiant, in downtown Denver topped out on Thursday. Project general contractor The Weitz Company celebrated the milestone with developer LMC, A Lennar Company, by hosting a lunch for over 400 trade partners and project stakeholders at the jobsite.

“Our employees and trade partners have worked extremely hard, especially through the winter months, to reach this milestone. Topping out was an appropriate opportunity to acknowledge their efforts before concentrating our focus on the interior of the building,” said The Weitz Company Executive Vice President and General Manager Bruce Porter.

Radiant is an 18-tale, 329-unit luxury apartment high-rise being constructed at the entrance of the rapidly expanding Welton corridor between 21st Street and 22nd Street. The structure, which will span over 486,000 square feet when finished, was erected using post-tensioned, cast-in-place concrete with slab-on-grade and drilled caisson piers. It took 30,000 yards of concrete, 140 miles of post-tensioned cable and 1,400 tons of rebar to pour the building’s 18 decks.

Being constructed in a constrained section of the Arapahoe Square district, Radiant is positioned right on the L Route of the RTD Light Rail System, which will provide future residents simple access to transportation.

Other features being built into Radiant include an amenity deck with a pool and hot tub on the fifth floor; a fitness center and a patio on the sixth floor; club room on the 17th floor; and a four-level parking garage.

“Downtown Denver is becoming more vibrant by the day, and we’re thrilled to join one of Denver’s most emerging neighborhoods,” said Scott Johnson, division president for LMC. “We believe Radiant’s world-class design, high-end finishes and unmatched variety of prime amenities will be a unique addition to the neighborhood and make an unparalleled living experience for our residents.”

The project, which is being designed by RNL, is scheduled to be completed in June 2019.

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