Mid-America Apartments Acquires Alta Filament In $107M Multifamily Sale
525 East 21st Street
$107,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Dec 4, 2023
AI
Alta Filament, a 352-unit luxury multifamily property in Charlotte's Mill District neighborhood, has been sold for $107 million. The property, located at 525 East 21st Street, was acquired by Mid-America Apartments from Wood Partners. The sale was brokered by Allan Lynch from NorthMarq.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $107,000,000
- Units: 352
- Price Per Unit: $303,977
- Buyer: Mid-America Apartments
- Seller: Wood Partners
- Broker: Allan Lynch - NorthMarq
- Market: Charlotte, NC
A team led by Allan Lynch from NorthMarq facilitated the sale of Alta Filament. The property presents a lucrative investment opportunity in the thriving Mill District neighborhood of Charlotte. The transaction not only represents a significant financial investment but also highlights the continued demand for luxury multifamily properties in the area.
Players
Charlotte MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93