Vertex Investments Acquires Flats At 87Ten Multifamily Community From Lucern Capital Partners For $9.7M

The transaction involved the sale of Flats at 87Ten, a converted Class A multifamily community located at 8710 Research Drive in Charlotte, NC. The asset consists of 96 upscale units and was sold for $9,700,000. The property is situated in the University City area, which is known for its proximity to major employers and other amenities.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $9,700,000
• Buyer: Vertex Investments
• Seller: Lucern Capital Partners
• Location: 8710 Research Drive, Charlotte, NC
• Brokers: Ron Corrao, Eric Liebich, Matt Weinstein & Dane Lozier - NorthMarq

Northmarq facilitated the transaction, representing both the seller, Lucern Capital Partners, and the buyer, Vertex Investments. This deal is notable for its renovation-focused approach and is characterized as a rare hotel-to-multifamily trade within the Charlotte market, highlighting a unique aspect of the local real estate landscape.