SCARLET & WISTERIA – 376 UNITS IN CHARLOTTE, N.C.

PRICE:
$ 38,000,000
STATUS:
Sold
ADDRESS:
180 Park Fairfax Dr, Charlotte, NC 28208, USA
OVERVIEW:

SOLD 4/25/24 FOR $38,000,000
$101,063 per unit

Deaton GREA, in partnership with Capstone, represented the seller in the sell of Scarlet Pointe and Townhomes at Wisteria Hills, a 376-unit portfolio located in the booming West Charlotte submarket of Charlotte, North Carolina. The portfolio presents a mix of garden-style and townhome-style units that can be acquired individually or as a portfolio, thereby generating economies of scale by consolidating operations and streamlining efforts across both assets. Built in 1974 and 1971, Scarlet Pointe (180 Park Fairfax Drive) and Wisteria Hills (1120 Marble Street) present an excellent opportunity for new ownership to capitalize on two distressed properties with substantial upside potential. Situated within the flourishing West Charlotte submarket, the assets recently benefited from $3.6M+ CapEx invested across both assets. Current ownership has completed interior renovations on 15% of the portfolio, which ideally lays the groundwork for new ownership to seamlessly complete the renovation program and implement various operational efficiencies across the properties. The favorable location with access to an abundance of major demand drivers in the area, as well as nearby retail amenities, positions Scarlet Pointe and Townhomes at Wisteria Hills as an excellent investment opportunity in the submarket.

Link To Tax Records
PROPERTY INFORMATION
PIN 05707114 & 06308408
Tax Value $17,554,700 & $10,326,800
Taxes $147,965.05 & $89,939.36
Lot Size 12.8 AND 7.02 ACRES, SEE SURVEYS
Year Built 1971
Exterior BRICK, WOOD
Floors CARPET, VINYL, LVP
Foundation SLAB
HVAC CENTRAL AIR
Utilities WATER IS SUBMETERED
Legal Description SEE SURVEYS
Appliances RANGE, REFRIGERATOR, DISHWASHER, WASHER AND DRYER CONNECTIONS
Sold Date 2024-04-25
Zoning MF

Location Map

SCARLET & WISTERIA – 376 UNITS IN CHARLOTTE, N.C.
Address: 180 Park Fairfax Dr, Charlotte, NC 28208, USA Price: $ 38,000,000 Unit: 376