Cushman & Wakefield has arranged the $33.5 million sale of The Flats at Arrowood, a 301-unit apartment community located in Charlotte, North Carolina.Marc Robinson, Watson Bryant and Brooks Colquitt of Cushman & Wakefield represented the seller, Blackfin Real Estate Investorsin the transaction. The Flats at Arrowood represents the first entry into Charlotte for Quantum Equities.
“The Flats at Arrowood is a unique investment opportunity for Quantum Equities,” Colquitt said. “The property’s proximity to South Boulevard and the Lynx Blue Line allows the opportunity to draft off of the South End corridor’s Class A rents as well as continue to feel the impact of Charlotte’s southward expansion.”
In the last two years, Blackfin Real Estate Investors made significant improvements to the property that brought the amenities and unit interiors in-line with submarket competitors. A lack of future supply, extremely low vacancy levels, and a continuous inflow of new jobs into the Charlotte MSA pave the way for new ownership to immediately capitalize on higher rent levels.
“Flats represents a unique opportunity to capitalize on a strategically located asset with the potential to add value through further capital improvements,” said Roi Lidor, Director of Acquisitions for Quantum Equities. “We are very excited to establish a presence in the Charlotte market and look forward to expanding our presence throughout the Carolinas further. Thanks to Blackfin and Cushman& Wakefield for their hard work and a smooth transaction.”
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on over 300 transactions and $7.0 billion in multifamily and land investment sales in 2019 (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 Blackfin Real Estate Investors
Blackfin Real Estate Investors is focused on acquiring and repositioning multifamily properties from the Carolinas to Boston. Its experience within real estate spans the spectrum of real estate investment management, capital renovations, property operations, finance and accounting. Founders Andy Buchanan and Doug Root have more than 30 years of combined experience working for institutional quality apartment acquisition, development, and management companies. Blackfin currently owns and operates approximately 4,500 apartments comprising $600MM of value. www.blackfinrei.com
