Northmarq’s Carolinas team completes $107 million sale of 352-unit luxury multifamily community in Charlotte, NC
CHARLOTTE (Nov. 30, 2023) — Northmarq’s Carolinas Multifamily Investment Sales team of Allan Lynch, Caylor Mark, Andrea Howard, John Currin, Jeff Glenn and Austin Jackson have successfully brokered the sale of Alta Filament, a 352-unit luxury multifamily property, for $107 million. The newly built community is located at 525 E. 21st Street in the blossoming Mill District neighborhood. Northmarq represented the seller, Wood Partners. The buyer was Mid-America Apartment Communities, or MAA (NYSE: MAA).
“It was our pleasure to work on Alta Filament with Wood Partners and MAA who both gracefully navigated the current market to get the deal done,” said Lynch.
Alta Filament boasts a walkable location and immediate access to the Lynx Blue Line Light Rail, the Charlotte Greenway and 21-acre Cordelia Park. Residents are steps away from an array of nightlife and entertainment and close to several recently completed redevelopments and infrastructure improvements, such as Optimist Hall, a 25+ tenant food hall with 80,000 sq. ft. of creative office space. The pet-friendly community blends historic charm and urban convenience in a highly sought-after site.
“This is a great addition to MAA’s impressive Charlotte portfolio, and a testament to Wood Partners’ execution on the development,” said Mark.
In addition to its central location, Alta Filament offers one of Charlotte’s most differentiated amenity sets with two expansive, oversized courtyards, a podcast/content creator studio and 10 private offices rentable by the month. The industrial-inspired multifamily property is thoughtfully designed with high-quality unit interiors featuring quartz countertops, modern two-tone cabinetry, stainless steel appliances, built-in desks and 22 private-entry ground-level townhomes.
Community amenities include: Expansive community clubhouse, private high-tech conference and multimedia room, controlled access, outdoor courtyard with grilling areas and fire pits, 24/7 fitness club with rollup door to outdoor body sculpt lawn, swimming pool, sundeck trellis, pet spa and wash, package delivery service and flex space.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.northmarq.com.
