May 20, 2024

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Carter Exchange sells Charlotte-area community for $75M

2 min read

The property was renovated to add value.

Carter Exchange Fund Management Co. is the investment and sales arm for Carter Funds. The sale was completed at $74.7 million. Station at Poplar Tent is a 12 building, 312 unit garden style apartment complex located at 50 Poplar Station Circle NW in Concord, N.C. According to Yardi Matrix, the buyer, NorthRock Cos. purchased the property in part with $49 millions in CMBS loan from Fannie Mae, which were originated by Prudential Financial.

The same source confirms that NorthRock has hired Hawthorne Residential Partners as the property manager.

The Station is a storied Station

Yardi Matrix reports that Tynes Development completed construction of Station at Poplar Tent in 2018. The same source indicates that two years later the developer sold the development to Carter Multifamily – the group’s value-add subsidiary. This transaction was for $57.5million. Both companies have participated in recent sales in the South, with the former selling Savannah Quarters a 244 unit property in Pooler.

During Carter Multifamily’s ownership of the property, the firm conducted several value-add renovations and repositioning campaigns, such as providing residents with the opportunity to install Smart Home technology packages and flooring upgrades, as well as placing parcel lockers in the community’s clubhouse. As a result of the upgrades, the average rents of the property’s occupied homes increased by 25.2 percent.

Property Characteristics

According to Yardi Matrix, Station at Poplar tent is divided into living arrangements with one, two, and three bedrooms, averaging approximately 1,129 square foot. The units feature stainless steel appliances and quartz countertops, along with open floor plans and walk-in showers. Residents have access to the swimming pool, which has private cabanas. They also have a playground, a dog park, and a clubhouse.

Station at Poplar Tent, located 6 miles west from central Concord, is just a few minutes away from the area’s retail, dining, and employment opportunities. Downtown Charlotte is located 15 miles southwest of the community. The closest on-ramp for Interstate 85 is three quarters a mile from the community.

Carter and NorthRock collaborate

Carter and NorthRock have completed their second South transaction this year with the sale of Station at Poplar Tent. In January, NorthRock acquired Brighton Park from Carter for $34.5M. The community had 200 units in Byron.

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