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$82M in Deals Reflect Hot Multifamily Market

CHARLOTTE, NC-With occupancy levels in the mid-90% range, Autumn Park in Charlotte and Lincoln Green Apartments in Greensboro outpace their markets.

By Melissa Kress | Updated on August 17, 2006

(To read more on the multifamily market, click here.)

CHARLOTTE, NC-With a combined total pushing $82.7 million, two separate apartment deals in the state highlight the strong multifamily market. Autumn Park in Charlotte traded hands for $48.9 million and the Lincoln Green Apartments in Greensboro traded for $33.75 million.

Dean Smith of Apartment Realty Advisors’ North Carolina office, represented the sellers in both deals. He tells GlobeSt.com that 90% of the firm’s business involves deals in Charlotte and Raleigh-Durham, and in secondary markets such as the Triad. He explains the secondary markets are getting competitive because they offer “good quality assets and much better yields.” In addition, Charlotte and Raleigh-Durham are hot markets now because of strong job growth. Charlotte added approximately 30,000 jobs in 2005, and Raleigh-Durham added approximately 35,000 jobs over the past 12 months, Smith says.

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