NAI Earle Furman’s Multifamily Division Closes $14.7MM North Carolina Portfolio
Charlotte, North Carolina – March 2018
NAI Earle Furman’s Multifamily Division arranged the $14.7MM sale of Park Fairfax Apartments and Colonial Place Apartments, a 274-unit portfolio located in Charlotte, North Carolina. Tony Bonitati, Kay Hill, and Bern DuPree arranged the transactions on behalf of the Sellers, Fairfax Holdings, LLC and Springmont Holdings, LLC. Cedar Grove Capital based out of New York acquired the portfolio and were not represented in the sale.
Park Fairfax is an apartment community constructed in 1971 and consists of 46 one bedroom units and 92 two bedroom units. Colonial Place Apartments, constructed in 1974, consists of 96 one bedroom units and 40 two bedroom units. The Charlotte properties are contiguous to one another and feature community amenities such as a pool, clubhouse, and playground. The properties averaged 95% occupancy at the time of sale.
About NAI Earle Furman
Based in Upstate South Carolina, NAI Earle Furman is a leading full-service commercial real estate firm specializing in the office, industrial, investment, retail, multifamily, healthcare and land sectors. They offer a wide range of services including sales, leasing, development, site selection, consulting, and property management. NAI Earle Furman completed nearly 854 transactions in 2017. A partnership with NAI Global allows NAI Earle Furman to access a network of worldwide real estate connections and offer international commercial real estate services to Upstate clients, while retaining local personality and knowledge.
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