Northmarq’s Investment Sales, Debt + Equity teams arrange sale and financing of South Tryon Apartments in Charlotte

CHARLOTTE, N.C. (Oct. 30, 2024) — Northmarq’s Carolinas Multifamily Investment Sales team of Andrea Howard, Allan Lynch, John Currin, Caylor Mark, Jeff Glenn and Austin Jackson successfully completed the $41.75 million sale of South Tryon Apartments, a 216-unit multifamily community located at 7601 Holliswood Ct in Charlotte, North Carolina.

Northmarq represented the seller, MAA. The buyer was McDowell Properties.

“This transaction was perfectly positioned for summer 2024, aligning with the deal profile and size that many buyers were seeking. With over 20 years of institutional ownership by MAA, the property required minimal deferred maintenance. It’s mostly original interiors made it an ideal value-add opportunity for private capital looking for a 'bite-sized' deal in the growing Charlotte MSA. We deeply appreciate the collaboration with MAA and our buyer, McDowell Properties, to bring the deal to a successful close,” said Howard.

Northmarq’s Carolinas Debt + Equity team led by Faron Thompson, Grant Harris and Cabell Thomas collaborated on the deal, arranging financing on behalf of the borrower, McDowell Properties, through a correspondent relationship with Freddie Mac. The $24.77 million permanent fixed loan was structured on a five-year term with a 35-year amortization schedule.

“What began as a straightforward acquisition financing assignment for a stable, well-managed property took an unexpected turn when a fire destroyed a 24-unit building. Thanks to Freddie Mac’s expertise and resilience, the transaction stayed on track, demonstrating their unwavering commitment to overcoming challenges and ensuring successful outcomes,” said Thompson.

Built in 2002 and renovated in 2022, South Tryon Apartments feature one-, two- and three-bedroom floorplans boasting garden tubs, walk-in closets, washer and dryer inclusion, brushed nickel hardware, private patio and balcony options, wood-burning fireplaces, stainless steel appliances, vaulted ceilings and wooden-style laminate flooring.

Community amenities include 36 detached garages, 42 storage spaces, a fitness center, resort-style pool, a bark park, grilling area, car care center with vacuum and a playground.

South Tryon Apartments are a located near S. Tryon Street, a major thoroughfare connecting to both Interstates 77 and 485. The community is just 15 minutes from Charlotte Douglas International Airport, 20 minutes from Uptown Charlotte, and features grocery stores, dining, shopping, entertainment and outdoor experiences within five minutes. More than 368,000 jobs are located within a 25-minute drive.