Northmarq brokers $39.2 million sale of 280-unit multifamily property in Charlotte, NC

CHARLOTTE, N.C. (Dec. 15, 2023) — Northmarq’s Carolinas Investment Sales team of Andrea Howard, John Currin, Allan Lynch, Caylor Mark and Jeff Glenn have completed the sale of The Park at San Remo, a 280-unit multifamily property, for $39.2 million. The 1985 vintage, value-add opportunity is located at 8242 Runaway Bay Drive in Charlotte. Northmarq represented the seller, Stonecutter Capital. The buyer was Knightvest Capital.

“The Park at San Remo presents a unique combination of asset repositioning potential and future supply constraints, in a dynamically evolving part of south Charlotte,” said Howard. “We are excited for our client on a successfully executed business plan and for new ownership to continue great stewardship of the asset.”

With direct access to Highway 74 and Monroe Road, The Park at San Remo is conveniently located within a 20-minute drive to over 250,000 jobs and only 15 minutes from Uptown Charlotte. Residents are within five minutes of Class A retail and 10 minutes of downtown Matthews and the MoRa district which features a multitude of eclectic shops, restaurants and breweries.

In addition to quick access to the entire Charlotte MSA, residents of The Park at San Remo will also enjoy the new 52,000-sq.-ft. headquarters and training facility for Charlotte’s Major League Soccer team, Charlotte FC, which is moving directly across the street. The property boasts both nearby attractions and various community amenities including a resort-style pool with sundeck and pergola, fitness center, pet park and a lakeside walking trail.