CHARLOTTE, NC - San Francisco-based real estate firm Hamilton Zanze (HZ) has acquired the 377-unit Blu at Northline Apartments in Charlotte, North Carolina. This represents HZ's first acquisition in North Carolina.
The community, built in 2018, is just northeast of Downtown Charlotte, which has become a headquarters hub for several Fortune 500 companies including Bank of America, Lowe's, and Honeywell.
"Blu at Northline presented us a great opportunity to buy a Class A asset in Charlotte, North Carolina," said David Nelson, Hamilton Zanze's chief transactions officer. "The property features a robust amenity package, a prime location in the University City submarket along the Lynx Blue Line and offers residents the quality of life provided by the city's energetic urban core. As this is our first acquisition in North Carolina, we're very excited to enter the Charlotte market and look forward to continued growth in the region."
Blu at Northline was 95% occupied at purchase. The community is located at 2508 April Liu Lane in the desirable UNC Charlotte submarket, approximately 15 minutes from Downtown Charlotte. The 377 units average 978 square feet with 12 different floor plans. Community amenities include a fitness center, yoga and spin studio, saltwater pool. Unit amenities include granite countertops, stainless steel appliances, walk-in closets, and washers and dryers in each unit.
HZ's capital improvements will include site improvements, building repairs, amenity improvements, and mechanical, electrical, and plumbing improvements. Management of the property has also been transitioned to HZ affiliate Mission Rock Residential, a Denver-based company.
The Kirkland Company's North Carolina team, led by Dennis Harris, Matt Behr, and Austin Haney, arranged the sale. "We have been fortunate to work closely with Hamilton Zanze for years in Tennessee and various other states. Their reputation and track record speaks for itself, and our team is excited to see them enter the North Carolina market with this acquisition," Harris said.
ABOUT HAMILTON ZANZE: Hamilton Zanze (HZ) is a private, San Francisco-based real estate investment company that owns and operates apartment communities. Since its founding in 2001, Hamilton Zanze has acquired over $5.1 billion in multifamily assets primarily in the Western, Southwestern, and Eastern U.S. The company currently owns and operates 97 properties (22,505 units) across 15 states and 29 markets. For additional information, visit www.hamiltonzanze.com
ABOUT THE KIRKLAND COMPANY: The Kirkland Company (TKC) specializes in the sale of apartment communities in ten states throughout the Southeast. The firm is headquartered in Nashville, TN and has closed over 648 multifamily transactions since its inception. Find out more about TKC at www.thekirklandco.com