In a joint venture with CREC Real Estate, McDowell Properties has acquired Caralea Valley Apartments in Concord, North Carolina. Built in 1991, the 233-unit complex is conveniently located in the Charlotte-Concord-Gastonia–MSA, 30 minutes north of downtown Charlotte. The property is less than a ten-minute drive from the city’s largest employer, Atrium Health Cabarrus, providing 4,200 jobs to the area and only 12.5 miles from the University of North Carolina at Charlotte, the state’s second largest university. The property is also near Rowan-Cabarrus Community College, Concord-Padgett Regional Airport, Carolina Mall, Vietnam Veteran’s Park, Sysco Charlotte - Wholesale Restaurant Food Supplies, Windshear, Inc., Hydromer, Amazon Sort Center CLT5 and a plethora of restaurants, retail and commercial staples.
Caralea is uniquely positioned with most of the units being two-bedroom townhomes or one-story flats. The business plan consists of upgrading approximately 90% of the unit interiors which are primarily in classic or near classic condition. Additionally, there is upside in adding 124 washer/dryer sets for premiums, increasing the in-place rents to market, improving efficiencies in operating expenses, and enhancing the curb appeal and common area amenities though renovations.
Concord was recently named one of the top 20 safest places to live in North Carolina and it is only one of two cities of its magnitude to make the list. In addition to the city’s vibrancy, closeness to downtown Charlotte and community feel, the city is also home to two of North Carolina’s top attractions NASCAR's Charlotte Motor Speedway and Concord Mills Mall. Major employers in the area include Atrium Health Cabarrus, Amazon, Cabarrus County Schools, S&D Coffee, Speedway Motorsports, and Cabarrus County. Being idyllically located right off of I-85, the location allows for seamless transit to major job centers, downtown Charlotte, as well as neighboring metropolitan areas in Greensboro and Durham.
About McDowell Properties:
McDowell Properties, which has six offices across the United States, invests in multifamily assets across the risk spectrum including debt, affordable housing, core plus and value-add investments. Since 2004, McDowell Properties has acquired over $3.3 billion of multifamily assets (over 40,000 units) and has been an active buyer of subordinate CMBS debt secured by multifamily loans (total loan balances of $19 billion and are secured by over 258,000 apartment units). For additional information about McDowell Properties, visit www.mcdprop.com.
About Harbert Management Corporation:
CREC Real Estate is a private equity real estate firm, headquartered in Columbus, Ohio, with $1.2B in institutional-quality real estate assets under management. Since its 2001 founding, CREC has closed on 55 deals primarily within the multifamily space. CREC currently targets multifamily value-add opportunities in the Midwest through its direct-deal platform and throughout the greater U.S. by partnering with best-in-class operators and developers.