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Investment Highlights
LOCATION
• Resort-Style Pool with Designer Lounge Furniture & Sundeck • Outdoor Lounge Area with BBQ Grill & Fireplace • State-Of-The-Art Fitness Center • Wi-Fi Cafe • Resident Lounge Area • Billiards Room with Flat Screen TV • Cycle Studio • Community Dog Park • Parcel Pending Package Lockers • Electronic Access • Hotel-Inspired Services by Spruce • Virtual Moving Concierge by Updater
COMMUNITY AMENITIES
• One-, Two-, and Three-Bedroom Floor Plans • Gourmet Kitchen with Stainless Steel, GE Appliances • Sleek Granite Countertops • Espresso Cabinetry with Brushed Nickle Finishes • All Units Feature Vinyl Plank Flooring in Kitchens • All First Floor Units Feature Vinyl Plank Flooring in Living Rooms (86) • Plush Carpeting in Bedrooms • Designer Lighting • Crown Molding • Two-Inch Faux Wood Blinds • Nine-Foot Ceilings • Genuine 12x12 Tile Flooring and Tiled Shower in Bathrooms • Spacious Walk-In Closets • In-Unit Washer and Dryer • USB Outlets
UNIT AMENITIES
AMENITIES
PHOTO GALLERY
10015 Madison Square Pl, Charlotte, NC 28216
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
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774 S Shelmore Blvd
Suite 105
Mt Pleasant, SC 29464
Charleston Office
4201 Congress Street
Suite 200
Charlotte, NC 28209
Charlotte Office
4030 Wake Forest Road Suite 300, Office 314 Raleigh, NC 27609
Raleigh office
355 S. Main Street
1st and 2nd Floor
Greenville, SC 29601
Greenville Office
Blake Coffey
Senior Director
843.628.3766 blake.coffey@Berkadia.com
Thomas Colaiezzi
Director
704.565.9391 thomas.colaiezzi@berkadia.com
Mark Boyce
Managing Director
843.628.3765 mark.boyce@Berkadia.com
Mitch Sinberg
Senior Managing Director
561.409.4006
mitch.sinberg@berkadia.com
Josh Finley
Director
404.654.2594
josh.finley@berkadia.com
Matt Robertson
Associate
919.812.3174 matthew.robertson@berkadia.com
Caleb Troop
Managing Director
980.208.1668 caleb.troop@berkadia.com
INVESTMENT SALES
MORTGAGE BANNKING
CONTACT
A
287
Multifamily
10 Miles North of Downtown Charlotte
Centrally located near I-485 and I-77
2012
Ten
Wood Frame
Two-Story Clubhouse; Three-Story and Three-Four Split Residential Buildings
Class
Property Information
Unit Mix
No. of Units
Type
Distance to Downtown
Pitched Roofs with Composition Shingles
10.48 Acres
27.39 Units per Acre
Roof Type
138 one-bedroom units measuring 769 square feet
139 two-bedroom units measuring between 1,050 and 1,095 square feet
10 three-bedroom units measuring 1,286 square feet
Average unit size of 933 square feet
Acres of Land
Density
Location
Year Built
No. of Buildings
No. of Stories
Building Materials
PROPERTY DESCRIPTION
The District is a 287-unit asset built in 2012, situated in Charlotte's Wedgewood neighborhood. Nearby top-of-market comparisons are achieving premiums of $125 for 1-bedroom units, $100 for 2-bedroom units, and nearly $300 for 3-bedroom units. Current ownership implemented interior renovations in 2019, which included: granite bathroom countertops, USB outlets, and vinyl plank flooring for common areas within first-floor units and wet areas for all units. Investors are well positioned to capitalize on rent premiums through a second-generation luxury renovation scope.
The proposed scope supported by neighboring new construction comps includes: updated vinyl plank flooring to all areas in all units, updated quartz countertops with undermount farmhouse sinks, goose neck faucets, stainless steel appliances with French-door refrigerators, modern 42” shaker cabinets, modern pendant and recessed lighting, updated paint, curved shower rods, and Nest thermostats.
01
Ideally Positioned for Second Generation Value-Add Opportunity
Yes
Pets Allowed
INVESTMENT HIGhlights
1-Bedroom/1.0 Bath
Vintage
Square Feet
Advertised Rent
Delta
Notes on Existing Scopes
Cortland Wren Northlake (PH2)
Eleven240
The Luxe of Huntersville
Proximity Northlake
Totals/Avg
The District*
2023 2020 2019 2019 2020 2012
Granite countertops w/ undermount sink, goose neck, 42" white shaker cabinets, SS appliances (French-door), subway tile backsplash, modern lighting, LVP throughout all areas, 2" blinds, W/D in all units, Nest thermostats & USB outlets
Granite countertops w/ undermount sink, goose neck, 42" modern shaker cabinets, black appliances, subway tile backsplash, modern lighting, LVP throughout living areas, curved shower rod, 2" blinds, W/D in all units, Nest thermostats & USB outlets
Granite countertops w/ undermount sink, goose neck, 42" white shaker cabinets, SS appliances (French-door), subway tile backsplash, modern lighting, LVP throughout all areas, 2" blinds, W/D in all units
Granite countertops w/ undermount sink, goose neck, 42" white shaker cabinets, SS appliances (French-door), subway tile backsplash, modern lighting, LVP throughout all areas, 2" blinds, W/D in all units, USB outlets
2-Bedroom/2.0 Bath
Vintage
Square Feet
Advertised Rent
Delta
Notes on Existing Scopes
Cortland Wren Northlake (PH2)
Eleven240
The Luxe of Huntersville
Proximity Northlake
Totals/Avg
The District*
2023 2020 2019 2019 2020 2012
1,097 51 1,105 1,108 840 1,071
$1,644 $1,636 $1,649 $1,754 $1,671 $1,574
$70 $62 $75 $180 $97
Granite countertops w/ undermount sink, goose neck, 42" white shaker cabinets, SS appliances (French-door), subway tile backsplash, modern lighting, LVP throughout all areas, 2" blinds, W/D in all units, Nest thermostats & USB outlets
Granite countertops w/ undermount sink, goose neck, 42" modern shaker cabinets, black appliances, subway tile backsplash, modern lighting, LVP throughout living areas, curved shower rod, 2" blinds, W/D in all units, Nest thermostats & USB outlets
Granite countertops w/ undermount sink, goose neck, 42" white shaker cabinets, SS appliances (French-door), subway tile backsplash, modern lighting, LVP throughout all areas, 2" blinds, W/D in all units
Granite countertops w/ undermount sink, goose neck, 42" white shaker cabinets, SS appliances (French-door), subway tile backsplash, modern lighting, LVP throughout all areas, 2" blinds, W/D in all units, USB outlets
3-Bedroom/2.0 Bath
Vintage
Square Feet
Advertised Rent
Delta
Notes on Existing Scopes
Cortland Wren Northlake (PH2) Eleven240 The Luxe of Huntersville Proximity Northlake Totals/Avg The District*
2023 2020 2019 2019 2020 2012
1,541 1,338 1,420 1,405 1,426 1,286
$2,141 $1,999 $2,291 $2,393 $2,206 $1,911
Granite countertops w/ undermount sink, goose neck, 42" white shaker cabinets, SS appliances (French-door), subway tile backsplash, modern lighting, LVP throughout all areas, 2" blinds, W/D in all units, Nest thermostats & USB outlets
Granite countertops w/ undermount sink, goose neck, 42" modern shaker cabinets, black appliances, subway tile backsplash, modern lighting, LVP throughout living areas, curved shower rod, 2" blinds, W/D in all units, Nest thermostats & USB outlets
Granite countertops w/ undermount sink, goose neck, 42" white shaker cabinets, SS appliances (French-door), subway tile backsplash, modern lighting, LVP throughout all areas, 2" blinds, W/D in all units
Granite countertops w/ undermount sink, goose neck, 42" white shaker cabinets, SS appliances (French-door), subway tile backsplash, modern lighting, LVP throughout all areas, 2" blinds, W/D in all units, USB outlets
Acquiring The District affords buyers an excellent opportunity to assume highly attractive Fannie Mae agency debt at a 4.56% all-in fixed interest rate with 30 months of I/O remaining. In conjunction with assuming the loan, there is an opportunity to add a sizable supplemental loan (see document center for quote). This poses a uniquely beneficial opportunity to purchase a stabilized asset, with immediate rental upside at 100+ basis points of positive leverage in year 1.
02
Attractive Loan Assumption Opportunity with Viable Supplemental Options
Current Note Amortization
Rate
Origination Date
1st Amortization Payment Date
Maturity Date
Lender
$30,895,000
4.56%
December 11, 2018
January 31, 2027
January 1, 2029
Fannie Mae
Conveniently situated between I-77 (exit 18) and I-485 (exit 21), The District affords residents immediate access to Charlotte’s major employment and entertainment nodes. The District, which sits at a dedicated signalized intersection, also benefits from a high-visibility location off of West W.T. Harris Boulevard, a highly-trafficked four-lane road boasting approximately 33,500 vehicles per day.
03
Excellent Visibility and Seamless Connectivity Throughout Charlotte MSA
Charlotte, NC Major Job Announcements in 2024
Eli Lilly has invested north of $2 Billion into its Charlotte site that is slated to begin production by the end of 2024. The site, located in Concord, NC, will employ more than 600 people. (25-minute commute)
Vanguard Purchases $117 Million office campus, bringing 2,500 employees to University Research Park (15-minute commute)
Siemens Energy will expand Charlotte presence by adding 475 jobs through a $150M expansion project (25-minute commute)
Green New Energy Materials, Inc. will invest $140M and bring 545 new jobs to its new facility coming to Denver, NC (30-minute commute)
Dehn Inc., will create 195 jobs throughout their $39M expansion into Mooresville, NC. (20-minute commute)
The District is conveniently situated within a central hub of high-quality lifestyle amenities. Residents benefit from easy walkability to a wealth of retail, dining, and entertainment options. Located in northwestern Charlotte, The District Apartments are ideally near Northlake Mall, a major shopping destination featuring over 150 stores, including Macy's, Belk, and H&M, as well as a variety of dining options and an AMC theater. The surrounding area is vibrant, with numerous retail options, restaurants, and specialty shops providing ample conveniences. Additionally, the neighborhood offers easy access to major highways, making it a prime location for those seeking a balance of suburban comfort and urban amenities.
The City of Charlotte is actively working on a 30+ mile continuous greenway trail that will connect the city and create a seamless path to all major Charlotte neighborhoods without the use of a car.
The District is within walking distance of the Long Creek Greenway, which is currently a 3.5 mile (and growing) trail. By mid-2025, the city plans to add an additional 2.1 miles of trail to Long Creek Greenway, furthering Charlotte’s masterplan of one continuous Greenway system.
Walkable to The Long Creek Greenway
04
Walkable to High Quality Retail, Dining, and Entertainment
https://parkandrec.mecknc.gov/Places-to-Visit/greenways
According to Jay Parsons, a leading multifamily analyst for Madera Residential, the Charlotte MSA is expected to deliver north of 15,000 units over the next 12 months. However, Berkadia’s construction pipeline report shows fewer than 1,500 units delivering within Charlotte’s Northwestern submarket over the same timeframe. The District’s location within the Northwestern submarket will insulate it from the broader supply pipeline that is delivering across the MSA.
The Queen City led the nation in net migration in 2023 for all large cities (500k+ total population). According to Movebuddah.com, for every 100 people that leave Charlotte, the MSA gains 168 more. Charlotte’s rock-solid net migration trends provide confidence in the city’s ability to absorb incoming supply.
https://www.movebuddha.com/blog/migration-moving-report/
05
Current Multifamily Supply Pipeline Vs. Net Migration Trend
The District provides buyers the opportunity to gain a competitive edge in today’s market by purchasing below replacement cost. Based on Berkadia’s conversations with various Charlotte developers, the all-in projected replacement cost for a surface-parked asset like The District is approximately $282,000 ($302 PSF).
06
Compelling Discount to Replacement Costs
Costs
Land Costs
Hard Costs (933 SF x $225/SF)
Soft Costs (20% of Hard Costs) All-In Costs
Per Unit
$30,000
$210,024
$42,005
$282,029
APPROXIMATE REPLACEMENT COST - THE DISTRICT
PSF
$32
$225
$45
$302
Unit Type
Square Footage
Unit Type Count
In-Place Rent/ Unit
In-Place Rent/ SF
# Unit Rehabs
1 Bed / 1 Bath - A1 2 Bed / 2 Bath - B1 2 Bed / 2 Bath - B2 2 Bed / 2 Bath - B3 3 Bed / 2 Bath - C1 Totals
769 1,050 1,057 1,095 1,286 933
138 52 25 62 10 287
$1,328 $1,536 $1,583 $1,603 $1,911 $1,468
$1.73 $1.46 $1.50 $1.46 $1.49 $1.57
Rehab Cost/ Unit
Rehab Premium/ Unit
Post-Rehab Eff Rent/ Unit
Post-Rehab Rent/ SF
138 52 25 62 10 287
$7,000 $8,000 $8,000 $8,000 $9,000 $7,554
$125 $100 $100 $100 $250 $117
$1,453 $1,636 $1,683 $1,703 $2,161 $1,585
$1.89 $1.56 $1.59 $1.55 $1.68 $1.70
Total Add'l CapEx
$50,000
Add'l CapEx/Unit
$174
10015 Madison Square Pl, Charlotte, NC 28216
1/2
2/2
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$230 $88 $380 $482 $295
*Subject displays in-place rent per 7/9/2024 rent roll | Rents & Unit Sizes taken from Property Websites
790 822 815 790 804 769
$108 $201 $183 $14 $126
$1,436 $1,529 $1,511 $1,342 $1,455 $1,328
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