AMAC has landed $87 million of acquisition financing to buy a multifamily property in Charlotte, N.C., Business Observer can first report.
QuadReal Finance provided the mortgage for AMAC to accumulate Steele Creek Rivergate in South Charlotte from Lucas Improvement for $113 million. Capstone Condominium Brokers represented Lucas in arranging the transaction.
“The South Charlotte space has been experiencing an inflow of recent residents and vital lease progress during the last 12 months,” Maurice Kaufman, founding principal at AMAC, mentioned in an announcement. “Steele Creek Rivergate is the best product sort for the submarket and can proceed to profit from the constructive fundamentals in Charlotte and the handy entry to the town’s main employment facilities.”
Situated at 10380 Morgan Creek Drive, the 408-unit garden-style property was accomplished in Could of 2021 with a mixture of one-, two- and three-bedroom residences. The property’s facilities embrace health heart, clubhouse, web café, resort-style pool, grilling stations, playground and a number of pet parks.
AMAC is planning to make upgrades to the event with the addition of additional out of doors amenity house, a brand new bundle room and work-from-home areas for residents.
Month-to-month rents vary from $1,350 for one-bedroom models to $2,199 for three-bedrooms, in line with Apartments.com.
Representatives for QuadReal Finance didn’t instantly return a request for remark.
Andrew Coen may be reached at email@example.com.