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North Carolina

AcquisitionsHealthcareLoansNorth CarolinaSoutheast

JLL Arranges $55.2M Acquisition Loan for Healthcare Real Estate Portfolio in North Carolina

by John Nelson

BURLINGTON, DURHAM AND GREENSBORO, N.C. — JLL has arranged a $55.2 million acquisition loan for a nine-property healthcare real estate portfolio in North Carolina. Travis Anderson and Anthony Sardo of JLL arranged the 10-year, fixed-rate loan with a life insurance company on behalf of the borrower, AW Property Co. The facilities span nearly 300,000 square feet and are located on or adjacent to hospital campuses in Burlington, Durham and Greensboro. The portfolio has an average vintage of 2006 and was 99 percent leased at the time of financing to healthcare systems and independent physician practices including Cone Health, Duke Health and UNC Health.

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DevelopmentMultifamilyNorth CarolinaSoutheast

Crescent Communities Breaks Ground on 318-Unit Apartment Development in West Charlotte

by John Nelson

CHARLOTTE, N.C. — Locally based development firm Crescent Communities has broken ground on Novel River District, a 318-unit apartment community in west Charlotte. The property will serve as the first multifamily component within The River District, a 1,400-acre master-planned community that will eventually house approximately 2,350 apartment options and 2,300 single-family homes. UMB Bank provided an undisclosed amount of construction financing for Novel River District, which is set to welcome first residents in early 2026. The community will be the cornerstone of the future Westrow town center and feature a mix of studio, one- and two-bedroom apartments. The project is designed to achieve National Green Building Standard’s (NGBS) Silver level of sustainability. Crescent’s design-build partners for Novel River District include Cooper Carry (architect), Crescent Communities Construction (general contractor), Ellinwood + Machado (structural engineer), ENGR3 (MEP engineer), BB+M Architecture (interior design) and Land Design (landscape design and civil engineering).

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DevelopmentMultifamilyNorth CarolinaSoutheast

Fallon Begins Construction on 234-Unit Colwick Apartments in Charlotte

by John Nelson

CHARLOTTE, N.C. — The Fallon Co., along with locally based general contractor Edifice Construction, has broken ground on The Colwick, a 234-unit apartment community in Charlotte’s Cotswold neighborhood. The property will feature one-, two- and three-bedroom apartments. Designed by Axiom Architecture, The Colwick’s amenities will feature a coworking lounge with video conferencing rooms, resort-style saltwater pool, onsite pet spa and dog park, fitness center with a private yoga studio, outdoor grill stations and a pizza oven, bike storage, garden courtyard with activity lawn and fireside lounge, resident lounge and game room, golf simulator and an outdoor gaming lawn with bistro lighting. Santander Bank provided an undisclosed amount of construction financing for the project, which is set for completion in late 2026.

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Vantage South End
AcquisitionsNorth CarolinaOfficeSoutheast

Cousins Properties to Acquire Vantage South End Office Development in Charlotte for $328.5M

by John Nelson

CHARLOTTE, N.C. — Atlanta-based office REIT Cousins Properties is under contract to acquire Vantage South End, a lifestyle office development in Charlotte’s South End neighborhood spanning 639,000 square feet. The Spectrum Cos. and Invesco sold the two-tower property in an off-market transaction for $328.5 million. Built in 2021 and 2022, Vantage South End was 97 percent leased at the time of sale to tenants with a weighted average lease term (WALT) exceeding nine years. Tenants include CBRE, Lending Tree and Grant Thornton, among others.

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DevelopmentIndustrialNorth CarolinaSoutheast

Welsh Semiconductor Manufacturer IQE Plans to Invest $305M for Expansion in Greensboro, North Carolina

by John Nelson

GREENSBORO, N.C. — IQE Inc., a global semiconductor manufacturer based in Wales, has announced plans to invest $305 million to expand its manufacturing facility in Greensboro to produce next-generation compound semiconductor material. The investment is subject to customer commitments and funding from the federal CHIPS Act. The expansion is expected to create 109 new jobs in North Carolina’s Piedmont Triad region, which sits between Charlotte and Raleigh-Durham along I-85. “IQE’s major reinvestment in Guilford County is a testament to the quality of our world-class workforce, the strength of our business climate and our leadership in clean energy and technology,” says North Carolina Gov. Roy Cooper. Operating in Greensboro for more than a decade and with 72 employees, IQE manufactures “epi wafers” using molecular beam epitaxy for the defense and aerospace industries. The new investment would add a complementary epitaxy called metal-organic chemical vapor deposition (MOCVD) and would provide a new clean technology for semiconductor chip production to help serve the electric vehicle (EV) market. North Carolina is growing its EV manufacturing base. For example, VinFast, an EV manufacturer based in Vietnam, is currently building out a $4 billion factory in nearby Chatham County.

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GeorgiaLoansMultifamilyNorth CarolinaSoutheast

Berkadia Secures Equity for Recapitalization of Two Multifamily Communities in Georgia, North Carolina

by John Nelson

AUGUSTA, GA. AND KANNAPOLIS, N.C. — Berkadia JV Equity & Structured Capital has arranged joint venture equity for the recapitalization of two multifamily properties in Georgia and North Carolina totaling 566 units. The sponsor is The Sterling Group and the properties include Argento at Riverwatch, a 296-unit community in Augusta, and Argento at Kellswater Bridge, a 270-unit property in Kannapolis. The joint venture equity partner and financing amount were not disclosed. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt led the Berkadia JV Equity & Structured Capital team in the recapitalization.

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AcquisitionsMultifamilyNorth CarolinaSoutheast

Northmarq Arranges $41.8M Sale of South Tryon Apartments in Charlotte

by John Nelson

CHARLOTTE, N.C. — Northmarq has arranged the $41.8 million sale of South Tryon Apartments, a 216-unit multifamily community located at 7601 Holliswood Court in Charlotte. McDowell Properties acquired the asset from MAA. Andrea Howard, Allan Lynch, John Currin, Caylor Mark, Jeff Glenn and Austin Jackson of Northmarq’s Carolinas Multifamily Investment Sales team represented the seller in the transaction. Additionally, Faron Thompson, Grant Harris and Cabell Thomas of Northmarq secured a $24.8 million acquisition loan on behalf of the buyer. The permanent, fixed-rate loan features a five-year term with a 35-year amortization schedule. Built in 2002 and renovated in 2022, South Tryon Apartments features units in one-, two- and three-bedroom layouts. Amenities at the property include 36 detached garages, 42 storage spaces, a fitness center, pool, dog park, grilling area, car care center and playground. The community is situated roughly nine miles from both Charlotte Douglas International Airport and Uptown Charlotte.

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AcquisitionsNorth CarolinaRetailSoutheast

CenterSquare Acquires 18,550 SF Retail Strip Center in Charlotte

by John Nelson

CHARLOTTE, N.C. — CenterSquare has acquired Riverbend Village Shops, an 18,550-square-foot retail center located in Charlotte. Comprising four buildings, the development marks the final phase of Riverbend Village, a master-planned community totaling 62,000 square feet. Tenants at the property include First Watch, Jeremiah’s Italian Ice, GoHealth Urgent Care, Vitamin Shoppe, Nana Morrison’s Soul Food and Nothing Bundt Cake. The seller and sales price were not disclosed.

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DevelopmentMultifamilyNorth CarolinaSoutheast

Spandrel Development Opens Two North Carolina Apartment Communities Totaling 562 Units

by John Nelson

CHARLOTTE AND RALEIGH, N.C. — Charleston-based Spandrel Development Partners has delivered two apartment communities in North Carolina totaling 562 units. The properties include Enclave at Radius Dilworth, an eight-story multifamily high-rise in Charlotte’s Dilworth district spanning 274 units, and Mira Raleigh, a 288-unit luxury mid-rise community in the state’s capital. Enclave at Radius Dilworth is the first community to open within the Radius Dilworth development, with the other project including a 26-story high-rise called The Overlook. Spandrel’s development partners on the project include Atalaya Capital Management and Partners Group. The firm has begun leasing Enclave and plans to have first move-ins begin in the fourth quarter. Mira Raleigh is situated on the southern border of the city’s central business district, with first move-ins occurring in June. Monthly rental rates range from $1,534 to $3,153 at Enclave and $1,349 to $3,926 at Mira Raleigh, according to Apartments.com.

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AcquisitionsMixed-UseMultifamilyNorth CarolinaRetailSoutheast

Berkadia Brokers $76M Sale of LangTree Lake Norman Mixed-Use Property in Metro Charlotte

by Hayden Spiess

MOORESVILLE, N.C. — Berkadia has brokered the $76 million sale of LangTree Lake Norman, a mixed-use multifamily property located in Mooresville, roughly 30 miles north of Charlotte. In addition to 300 residential units, the property features approximately 48,000 square feet of ground-floor retail space. Caleb Troop and Thomas Colaiezzi of Berkadia, with Brian Long of RL West, represented the seller, Langtree Development Co., in the transaction. An affiliate of Raleigh-based Blue Heron Asset Management was the buyer.  Residences at LangTree Lake Norman, which is situated at 150 Landing Drive, include apartments in one-, two- and three-bedroom layouts. Amenities at the community include a clubhouse, swimming pool, fitness center and a dog park.  The buyer plans to implement upgrades to the unit interiors, as well as enhancements to the community space. RL West and Langtree Development Co. originally developed the property in 2013 and retain ownership of Buildings 105 and 106 and the commercial buildings fronting Mecklynn Road. 

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