American Landmark Apartments has added 627 units to its North Carolina portfolio with the purchase of Ardmore King’s Grant Apartments in Charlotte and Ardmore Cates Creek in Hillsborough. The value-add properties traded for the first time since their completion. Developer Ardmore Residential was the seller, according to Yardi Matrix data.
Rebranded as Conrad at Concord Mills, the 357-unit Charlotte community came online in 2015. The asset comprises one-, two- and three-bedroom floorplans averaging 1,019 square feet. Community amenities include a swimming pool, fitness center and Starbucks coffee bar, as well as pet and car wash stations.
Located at 9015 Kings Grant Drive, Conrad at Concord Mills is some 14 miles northeast of downtown Charlotte, near Concord Mills Mall. Interstates 85 and 485 are both within 1 mile of the property.
Built in 2016 and renamed as Cadence at Cates Creek, the Hillsborough community encompasses 270 units ranging from 753 to 1,509 square feet. Common-area amenities feature a clubhouse with resident lounge, tech business center and fitness center, together with a poolside grilling area and pet park.
The property is some 3 miles south of downtown Hillsborough at 100 Waterstone Park Circle, just north of UNC Hospitals Hillsborough Campus. Interstate 85, connecting it to Durham, is 3 miles from the community.
All units of both assets have granite countertops, walk-in closets and electronic thermostats, as well as balconies or private patios. The new owner plans to upgrade the landscape at both communities, at the same time adding new faucets, lighting fixtures, ceiling fans and USB outlets.
North Carolina’s strong fundamentals
Both the Charlotte and Raleigh multifamily markets enjoy strong fundamentals, having witnessed double-digit rent growth year-over-year through February. American Landmark is seeking to maintain its presence in both areas due to North Carolina’s recent employment and population increase, CIO Christine DeFilippis mentioned in prepared remarks.
The company’s national portfolio currently includes more than 4,300 units across several markets. Earlier this year, the firm bought the Delaney Apartments, a 240-unit property in Concord, N.C., a northeastern suburb of Charlotte.