Updated Sep 2, 2026
SOLDMultiFamily
Ginkgo Residential Acquires 310-unit MultiFamily Community In Charlotte For $40.75M
1207 Kelston Place
$40,750,000
Units
310
Asset Type
MultiFamily
Closing
Dec 5, 2025
About this deal
AI
The Kelston is a 310-unit rental community located at 1207 Kelston Place in Charlotte, NC, which was sold for $40.75 million. The property has a price per unit of $131,452 and is categorized as a MultiFamily asset in the Charlotte market.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $40,750,000
- Units: 310
- Price Per Unit: $131,452
- Buyer: Ginkgo Residential
- Broker Representatives: Paul Marley & Gavin Conlon - Marcus & Millichap
Ginkgo Residential's acquisition was part of a cooperative effort with Banyan Street Real Estate Funds, focusing on capital improvements that include upgrades to the units and amenities. The transaction was facilitated by brokers from Marcus & Millichap.
Players
Charlotte MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Deal FAQ
About $131.5K per unit across 310 units on a published $40.8M (2025).
Visit Paul Marley to view all their deals.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.39%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93