Northmarq’s Carolinas Investment Sales team completes $54.75 million sale of Enclave at Rivergate in Charlotte

CHARLOTTE, N.C. (Jan. 2, 2025) — Northmarq’s Carolinas Multifamily Investment Sales team, led by Andrea Howard, John Currin, Allan Lynch, Caylor Mark, Jeff Glenn, and Austin Jackson successfully brokered the $54.75 million sale of Enclave at Rivergate, a 216-unit multifamily community in the Charlotte MSA.

Built in 2009 and located at 12400 Toscana Way, Enclave at Rivergate is situated in the highly-desirable Southwest Charlotte area and features some of the largest floorplans in its submarket. Northmarq represented the seller, Mesirow. The buyer was ExCap.

“Enclave at Rivergate was a highly sought-after acquisition opportunity due to excellent operational trends, a muted supply pipeline, and quickly improving schools and surrounding demographics” said Howard. “A select group of qualified buyers recognized the merits of the deal, resulting in a great outcome for our seller. New ownership is well-positioned to capitalize on excellent value-add upside in a submarket with little new competition.”

Northmarq’s Carolinas Debt + Equity team led by Faron Thompson, Grant Harris, and Cabell Thomas collaborated on the deal, securing the permanent-fixed loan on behalf of the borrower, Expedition Capital Advisors LLC. The deal was completed through a corresponding relationship with Freddie Mac and structured on a 5-year term with a 35-year amortization schedule.

“We’re pleased to have successfully navigated a loan under Freddie Mac’s new Enhanced Due Diligence,” Thompson said. “ExCap’s top-tier professional staff and superb ownership track record made the process smooth.”

The residential community features one-, two- and three-bedroom floorplans with stainless steel appliances and quartz countertops, a washer and dryer in every home, walk-in closets, central heat and air conditioning, energy-efficient appliances, private balconies or patios, sunrooms, and custom oak white cabinetry. The sunrooms are ideal for work-from-home opportunities.

Enclave at Rivergate features several renovations and upgrades since 2019, including painted balconies and breezeways, an added hammock garden, a reconfigured clubhouse layout, expanded and upgraded fitness and cardio center, more communal and coworking space, introduced a 24-hour package concierge service, upgraded pool furniture, installed modern pergolas and soft seating for the pool, renovated grill stations and installed an oversized fire pit, and added outdoor gaming and entertainment options. It is a pet-friendly community with a bark park.

Located just 12 miles from Charlotte Douglas International Airport and 14 miles southwest of downtown Charlotte, Rivergate at Enclave is located within close proximity of both Interstates 77 and 485. It is located within close proximity of shopping centers, grocery food options major retailers, greenway trails and nature preservers, all within a 10-minute drive.

Enclave at Rivergate boasts a prime location for nearby industry job opportunities. It is just 10 minutes from both Microsoft’s campus and Spectrum’s campus, 20 minutes from the South End and 25 minutes from both Uptown and the SouthPark area — which features Coca-Cola, Amwins and Nucor.