Newmark announces the sale of 232-Unit Quail Valley on Carmel for $38.1M to buyer McDowell Properties, headquartered in Dallas. Multifamily Capital Markets Vice Chairmen Dean Smith, John Heimburger and Sean Wood, Senior Managing Director Alex Okulski and Managing Directors Jason Kon and John Munroe represented the seller, Charlotte-based Ferncroft Capital.
“We are excited about the excellent location of Quail Valley on Carmel and believe there is a significant opportunity to increase value through upgrading the unit interiors, extensively renovating the property’s exterior, enhancing the property’s curb appeal and improving the common area amenities,” said Jake Gentling, Managing Director, Acquisitions of McDowell Properties.
The garden-style property includes 22 two-level buildings, with units consisting of 1-, 2- and 3-bedroom floorplans. The apartments include air conditioning, modern appliances, hardwood flooring, wood-burning fireplaces, a private patio or balcony and ample storage. Spanning nearly 34 acres, the pet-friendly community features walking and biking paths, a clubhouse, a resort-style pool, a hammock garden, an outdoor fire pit, grilling and patio area and a pet park.
“The Quail Valley Apartments are a great investment for the new buyer,” said Smith of Newmark. “The community is almost fully leased at 95% occupancy and the need for quality well-located multifamily properties like this continue to drive investment in the region.”
“Quail Valley proved to be another fantastic investment for Ferncroft Capital,” said John Hollmeyer, Principal, Ferncroft Capital. “While we thought this may be a long-term hold for us, the strength of the property over the last four years and the current demand for multifamily in Charlotte made it difficult to pass up the pricing that Newmark was able to achieve. The Newmark team executed the sale of this asset flawlessly. Their knowledge and professionalism through this sales process created a tremendous amount of value for our partnership.”
According to Newmark Research, the performance of multifamily properties in the Southeast has outpaced the broader US multifamily total returns index as the region exhibits strong job growth, demographic tailwinds and a favorable regulatory environment. Quail Valley on Carmel is in the Quail Hollow area of South Charlotte, one of the city’s most affluent and high barriers-to-entry locations. The property is strategically positioned within walking distance to grocery-anchored retail at a “main and main” intersection with entrances on both Carmel Road and Quail Hollow Road, two major Charlotte thoroughfares. The community is surrounded by premier golf courses, desirable public schools and long-established residential communities. Community residents enjoy direct access to the area’s most significant employment and retail concentrations including proximity to SouthPark (10 minutes) and Ballantyne (13 minutes).
