Mark Ethridge Of Ascent Housing Acquires Reserve At Waterford Lakes In Charlotte For $28.8M

The property asset involved in the transaction is a 140-unit multifamily community known as Reserve at Waterford Lakes, located at 8725 Kody Marie Court in Charlotte, NC. The sale price for the asset was $28,800,000, with a price per unit of $205,714. The property was built in 2008 and is designated as an affordable apartment community.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $28,800,000
• Buyer: Mark Ethridge - Ascent Housing
• Seller: Daniel Eller - Eller Capital
• Brokers: Jason Kon, Dean Smith, John Heimburger, Sean Wood, John Munroe & Brenna Campbell - Newmark
• Units: 140
• PPU: $205,714
• Financing: $15.9 million in Freddie Mac acquisition financing arranged by Newmark

The transaction was facilitated by Newmark, which represented both the seller, Eller Capital, and the buyer, Ascent Housing. The buyer intends to maintain the affordability of the property while also expanding resident-focused programs for its residents.