Firm’s value-add strategy targeting high-growth suburban Sunbelt markets continues to attract new investors
Eller Capital Partners, a private equity real estate investment firm with specialized experience in multifamily acquisitions, renovation and asset management, announced today the acquisition of the Reserve at Waterford Lakes apartment community in Charlotte, North Carolina. This is Eller’s third transaction in Charlotte over the past decade and marks a re-entry into the market for the Chapel Hill-based firm, which previously sold two other properties in the city.
Originally built in 1998, The Reserve at Waterford Lakes is a 140-unit property located on Kody Marie Court off of Sharon Road West in South Charlotte. The community has exceptional access to I-77 and I-495, providing residents a convenient link to major employment hubs in nearby Ballantyne and Fort Mill.
Eller plans to complete a substantial capital improvement program for the complex, which will include new plank flooring, stainless steel appliances, quartz countertops and new sustainable lighting and plumbing for interior units.
“Despite a particularly challenging year, Charlotte has proven to be one of the most resilient metro areas in the country. The opportunity to purchase The Reserve at Waterford Lakes marks the right time for Eller to re-enter the market given domestic migration patterns that continue to fuel healthy job and population growth,” said Daniel Eller, founder and CEO of Eller Capital. “A diversified employment base and proximity to dining and retail were key selling points, and we look forward to executing a capital improvement plan that will breathe new life into the property, create an exceptional experience for residents, and add value for our strategic investment partners.”
Throughout the last year, the Charlotte metropolitan area continued to see strong performance and was listed as one of the top five markets to invest in this year by Urban Land Institute. 2020 set new records for the market with more than 51% of apartment renters choosing to renew their leases for another year. Charlotte’s occupancy rate sits at 95.1%, on par with the nation’s average.
Eller previously owned The Forest at Chasewood and Laurel Walk apartment communities in Charlotte before selling them both in 2015. Both properties also saw an extensive overhaul of amenities and units as part of their respective upgrades.
Andrea Howard, John Currin, Allan Lynch, Caylor Mark, Jeff Glenn and Sara Wagman of JLL represented the seller in the transaction.
Founded in 2011, Eller Capital Partners is one of the fastest growing private equity real estate investment firms in the Southeast. The company is currently active in Raleigh-Durham, Charlotte, Wilmington, Greensboro and Myrtle Beach, and has acquired approximately 3,500 units to date.
For more information on Eller Capital and its recent initiatives, click here.
About Eller Capital Partners
Chapel Hill, NC based Eller Capital Partners is a private equity real estate firm focused exclusively on investing in multifamily assets that are located in the growing regions of the southeastern United States. Since 2011, Eller has acquired over $375 million of well-located properties, applying a vertically integrated, value-added approach to optimize the performance of each asset. Eller has a senior management team that offers over 100 years of experience in the multifamily industry and has been directly and meaningfully involved in real estate transactions totaling well over $2 billion. The company has expertise in all aspects of real estate acquisition, renovation, construction management, property management, asset management, fund management and disposition. For more information, visit https://www.ellercapital.com/.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
