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Nuveen pays $72M for multifamily Charlotte community

Investment giant Nuveen has acquired a 296-unit apartment community in Charlotte, North Carolina, as it looks to capitalize on the area’s growing millennial population.

Nuveen Global Cities REIT acquired Brookson Flats from Tennessee-based asset manager, Carter Haston for $72 million, according to the Charlotte Business Journal.

Cushman & Wakefield represented the seller in the transaction.

“Brookson Flats, located in an attractive suburb in a high-growth Sun Belt city, checks all the boxes for multifamily acquisition opportunities,” said Richard Kimble, Portfolio Manager of GCREIT. “We plan to execute a value-add strategy, capitalizing on the current rent spread between the competitive set. The 2017 vintage is ideal for GCREIT as it provides a competitive finish level with a low expected capital spend over the early part of the hold.”

Built in 2017, Brookson Resident Flats is a lodge-style apartment community. Luxury amenities include gourmet kitchens, state-of-the-art fitness center with Fitness On Demand, a yoga studio/aerobic room, outdoor entertainment area with grilling stations, fire pit, and sparkling swimming pool.

GCREIT said its new acquisition offers increased exposure to the housing sector and is well-positioned to capture the increasing millennial demand in Charlotte.

According to StratoDem Analytics, the Charlotte metro area is projected to lead the nation in the growth of the 25-34 year old renter cohort over the next five years at a rate of 1.1% per year compared to 0.3% for the United States overall. In addition, the suburban resurgence forecasted for this decade has accelerated because of the COVID-19 pandemic. Across the majority of metropolitan areas in 2020, net migration rates were stronger in suburban areas than urban areas.

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