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CHARLOTTE, NC-In a $27-million transaction, Alexander Place Apartments moves to the Lane Co.'s portfolio, marking its first multifamily acquisition here. The Atlanta-based company manages nearly 3,000 units in the metropolitan area.
The 309-unit community is also the first purchase through Lane's $150-million joint venture with a client advised by Morgan Stanley Real Estate, according to company officials. The JV is targeting multifamily acquisitions, development and condominium conversions across the Southeast.
Despite the JV's eye toward condo conversion, a spokeswoman for Lane tells GlobeSt.com Alexander Place will remain a rental property. In addition to the purchase price, Lane plans to invest $4 million to renovate the property. Units will undergo renovations as the leases expire, she adds.
The property is currently 98% occupied, and monthly rents range from $710 for a one-bedroom apartment to $875 for a two-bedroom, two-bath apartment. Rents are slated to rise after the renovations are complete, according to the spokeswoman.
"This acquisition represents an outstanding 'value-add' opportunity in which Lane can utilize its significant construction and management expertise to reposition the property," says Adam Brown, Lane Co.'s acquisition manager. "We have a tremendous amount of confidence in this location within the affluent South Park submarket and believe that a repositioned property will benefit from its close proximity to the Harris YMCA and South Park Mall."
A garden-style community, Alexander Place was built in 1985. The two/three split apartment buildings are situated in 37.34 acres. Amenities include tennis and volleyball courts, two clubhouses, two swimming pools and a fitness center. It is located at 6316 Cameron Forest Lane.
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