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Eaton Vance Investment Managers Acquires Presley Uptown Charlotte Multifamily For $65.8M

Property Image
SOLD
$65,800,000
Michael Saclarides
Allan Swaringen

North Carolina

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MultiFamily
Sold 12/08/2023
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Property Image
SOLD

Eaton Vance Investment Managers Acquires Presley Uptown Charlotte Multifamily For $65.8M

900 East Brooklyn Village Avenue

See Similar Deals
MultiFamily
Sold 12/08/2023
Michael Saclarides
Allan Swaringen
the dealplayerscompscontact
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Summary

NORTH CAROLINA
Asset Type:MultiFamily
Transaction Type:Sale

JLL Income Property Trust has successfully sold Presley Uptown, a 230-unit multifamily community in Charlotte, N.C., to Eaton Vance Investment Managers for $65.8 million. The property, located at 900 East Brooklyn Village Avenue, offers a total of 230 units, resulting in a price per unit of $286,087.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $65,800,000
  • Units: 230
  • Price Per Unit: $286,087
  • Address: 900 East Brooklyn Village Avenue, Charlotte, NC
  • Market: Charlotte, NC

Eaton Vance Investment Managers acquired Presley Uptown from JLL Income Property Trust. The transaction was facilitated by Michael Saclarides of Cushman & Wakefield representing the buyer, and Allan Swaringen of JLL Income Property Trust representing the seller.

Players

Michael Saclarides
Cushman & Wakefield
Michael Saclarides
3 deals$403.9M volume
BROKER
Allan Swaringen
JLL
Allan Swaringen
13 deals$885.9M volume
SELLER

Details

SOLD
IMAGE: Allan Swaringen & Michael Saclarides DATE: 12/08/2023 ADDRESS: 900 East Brooklyn Village Avenue MARKET: Charlotte, NC ASSET TYPE: Multifamily BUYER: Eaton Vance Investment Managers SELLER: Allan Swaringen - JLL Income Property Trust BROKER: Michael Saclarides - Cushman & Wakefield SALE PRICE: $65,800,000 UNITS: 230 ~ PPU: $286,087 NOTE: JLL Income Property Trust has successfully sold Presley Uptown, a 230-unit community in Charlotte, N.C., to Eaton Vance Investment Managers for $65.8 million.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$3,509,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$233,773.51
Cash-on-Cash Return-1.27%
Monthly Debt Service$311,925.57
Annual Debt Service$3,743,106.84