StoneBridge Buys Magnolia Terrace Apartment Complex in Charlotte for $40.7M
CHARLOTTE, N.C. — StoneBridge Investments has acquired Magnolia Terrace, a 264-unit apartment complex in Charlotte, for $40.7 million. The property, which was built in 1989, offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, clubhouse, dog park, fitness center, playground and business center. The asset is located at 8301 Paces Oaks Blvd., nine miles northeast of downtown Charlotte. Jordan McCarley and Brooks Colquitt of Cushman & Wakefield represented the seller, Atlanta-based RADCO Cos., in the transaction. Elliott Throne, Cory Fowler, and Amit Kakar of JLL originated a Freddie Mac acquisition loan on behalf of the buyer.