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

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.