The property is on a 33.6-acre site with 1,900 feet of shoreline on Lake Norman, the state's largest lake, and is about 16 miles north of Downtown Charlotte via I 77.
The Alta Harbour complex has a 50-slip marina, a boat storage yard, 60 garages and 32 mini-storage units in addition to a pool, tennis court and exercise facility. It contains a mix of one, two and three-bedroom units.
The property is 95% leased, and unit rentals average $835 a month, although brokers tell GlobeSt.com that concessions are now common in the area.
BNP placed 227,272 shares of its Series B Cumulative Convertible PreferredStock at $11 per share, completing the second installment of a previously announced private placement of preferred stock to its Preferred Investment I, LLC. The Alta Harbour acquisition was funded by this offering and by a $15.9-million first deed of trust loan and a draw on its existing line of credit.
BNP is an umbrella partnership REIT that owns and operates 18 apartment communities encompassing 4,427 units and provides third-party management services for 15 multifamily properties containing 3,166 units. It also owns 42 restaurant properties. It operates in the Carolinas and Virginia.
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