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Continental Realty Corp Acquires 1010 Dilworth Apartments In Charlotte For $51.9M
SOLD
$51,900,000
North Carolina
See Similar DealsMultiFamily
Sold 10/12/2023
SOLD
Continental Realty Corp Acquires 1010 Dilworth Apartments In Charlotte For $51.9M
1010 Kenilworth Avenue
See Similar DealsMultiFamily
Sold 10/12/2023
Summary
NORTH CAROLINA
Asset Type:MultiFamily
Transaction Type:Sale
Maryland real estate investor Continental Realty Corp has acquired the 1010 Dilworth Apartments in Charlotte, NC for $51.9 million. The multifamily property, located at 1010 Kenilworth Avenue, spans 2.2 acres. The sale was completed on 10/12/2023.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $51,900,000
- Address: 1010 Kenilworth Avenue
- Market: Charlotte, NC
- Buyer: JM Schapiro - Continental Realty Corp
- Seller: Cathy Marcus & Raimondo Amabile - PGIM Real Estate
The buyer of the 1010 Dilworth Apartments is JM Schapiro of Continental Realty Corp, a Maryland-based real estate investor. The seller of the property is Cathy Marcus and Raimondo Amabile of PGIM Real Estate. This acquisition marks Continental Realty Corp's fourth multifamily property in Charlotte, further expanding its investment portfolio. The transaction was completed for a total price of $51.9 million.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,767,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$184,389.74
Cash-on-Cash Return-1.27%
Monthly Debt Service$246,032.48
Annual Debt Service$2,952,389.74
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