CHARLOTTE, N.C. — ZOM Living has sold Hazel SouthPark, a 203-unit mid-rise apartment community in Charlotte that the firm delivered last year. The property includes 14,000 square feet of retail space that was fully leased at the time of sale.
An undisclosed buyer purchased the asset for $130.8 million, establishing a new record high price per unit for a multifamily community in North Carolina when adjusting for the value of the retail space. Eastdil Secured represented ZOM Living in the transaction.
“This is a significant sale that reflects the level of design and construction quality of our newest development, the desirability of the SouthPark neighborhood and the strength of Charlotte’s multifamily market,” says Greg West, CEO of ZOM Living.
“Since we delivered this property in 2021, we have seen tremendous leasing activity and achieved premium rents within a few months of its opening. The sale of this asset is in line with our plan to continue to invest in developing future multifamily properties in the Charlotte market and beyond,” adds West.
Hazel SouthPark is situated within Charlotte’s SouthPark neighborhood, an office submarket about six miles south of the city’s central business district that is anchored by Simon’s SouthPark Mall, which features over 150 shops and eateries.
Residences at Hazel SouthPark include townhomes, flats and walkup-style homes, with apartments ranging from 586 to 2,718 square feet. The property also includes 9,400 square feet of amenities and an attached parking garage. Rents range from $1,435 to $7,935 per month, with an average rental rate of $3,175.
Community amenities include a rooftop pool with poolside cabanas, an indoor/outdoor rooftop lounge, dining room, outdoor gas grills and billiards tables, 24-hour fitness studio, onsite massage room, yoga studio, coffee bar and a pet spa with wash stations. All the street-level retail space has been leased and includes a restaurant, fitness concept, spa and an interior design/furniture store.
ZOM Living has offices in South Florida, Orlando, Dallas, Phoenix, Raleigh and Washington, D.C. The company has over 8,600 units currently under construction or in design/predevelopment throughout the country, with a total capitalization of nearly $3 billion.
— John Nelson