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Ginkgo Residential Acquires 310-unit MultiFamily Community In Charlotte For $40.75M
SOLD
$40,750,000
North Carolina
See Similar DealsMultiFamily
Sold 12/05/2025
SOLD
Ginkgo Residential Acquires 310-unit MultiFamily Community In Charlotte For $40.75M
1207 Kelston Place
See Similar DealsMultiFamily
Sold 12/05/2025
Summary
NORTH CAROLINA
Asset Type:MultiFamily
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,173,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$144,776.16
Cash-on-Cash Return-1.27%
Monthly Debt Service$193,175.79
Annual Debt Service$2,318,109.48
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