Matthew Gottesdiener Acquires Thornberry Apartments In University City For $49.3M

The Thornberry Apartments, a 288-unit multifamily property located at 9920 Brickleberry Lane in Charlotte, NC, was sold for $49,300,000 ($171k/unit). The sale was completed by Matthew Gottesdiener of Northland Investment Corp, who purchased the property from Thomas E. Faust Jr. of Eaton Vance Management. The transaction was financed by Freddie Mac, with a loan amount of $29.4M. The complex, built in 2000, is 95%-occupied and features renovated amenities, presenting potential for future growth for the new owner.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $49,300,000
• Units: 288
• Price per Unit: $171,181
• Buyer: Matthew Gottesdiener - Northland Investment Corp
• Seller: Thomas E. Faust Jr. - Eaton Vance Management
• Lender: Freddie Mac
• Note: Northland Investment Corp. acquired Thornberry Apartments, a 288-unit University City property, for $49.3M ($171k/unit), funded by a $29.4M Freddie Mac loan maturing this month. The 95%-occupied, 2000-built complex with renovated amenities offers upside potential for the new owner.

Matthew Gottesdiener of Northland Investment Corp facilitated the purchase of Thornberry Apartments, showcasing keen interest in expanding the company's multifamily property portfolio. On the other hand, Thomas E. Faust Jr. of Eaton Vance Management demonstrated a strategic move by selling the University City property, marking a significant transaction in the Charlotte, NC real estate market. The involvement of Freddie Mac as the lender highlights the financial aspect of the deal, ensuring a smooth and successful acquisition for the buyer.