Cushman & Wakefield has arranged the $40.4 million sale of Legacy Village, a 229-unit apartment community located in Mooresville, North Carolina. Jordan McCarley, Marc Robinson and Watson Bryant of Cushman & Wakefield represented the seller, Charter Properties, in the transaction. Blaze Partners acquired the property.
“Within walking distance to Lowe’s Corporate Headquarters, Legacy Village boasts high caliber construction in Charlotte's key Mooresville employment nucleus that continues to see development, while offering a rare ClassA value-add opportunity to new ownership,” McCarley said.
Built in 2017, Legacy Village arrived to market in essentially new condition, featuring modern design and luxurious amenities. The property is located along the rapidly expanding Lake Norman corridor in Mooresville – an area characterized by award-winning schools, white-collar jobs and high-earning residents with the ability to support rent increases with minimal resistance.
Charter Properties, a wholly owned subsidiary of The Springs Company, has been developing apartment communities since 1970. Charter’s mission is to produce high quality apartment homes that are attractive, financially accessible and enrich the neighborhoods in which they are located.
Blaze Partners, formed in 2016, is a Southeastern-focused multifamily investment company. Blaze has completed over $750 million in total transaction volume, including $250 million of transaction activity within the Carolinas this year across the core-plus to value-add spectrum. In addition to acquiring Legacy Village, the company purchased two other communities in Charleston, South Carolina, in the fourth quarter.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on more than $4.8 billion in multifamily investment sales through the third quarter (Source: Real Capital Analytics www.rcanalytics.com). Market share reflects sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas. For more information, visit https://multifamily.cushwake.com.
About Blaze Partners
Blaze Partners is a multifamily investment firm focused on owning and operating institutional rental housing communities throughout the United States with a specific focus on the Southeast. Headquartered in Charleston, SC, the company offers a full suite of investment services including research, acquisitions, development, and asset management capabilities. Blaze Partners was founded by Chris Riley and Eddy O’Brien in 2016 with the goal of establishing a premier real estate investment firm with focused specialization across the rental housing spectrum. To learn more about Blaze, visit www.blazepartners.com.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
