CHARLOTTE – Gamma Real Estate LLC bought the Stone Ridge and Whitehall Estates multi-family developments, totaling 570 apartments.
Stone Ridge was built in 2001, and Whitehall Estates in 1996. Both consist of two- and three-story buildings, and are situated a short distance from I-485.
“These two developments, both of which were purchased significantly below replacement cost and whose rents are below the submarket average, present very favorable risk-adjusted return profiles,” President Jonathan Kalikow said.
“North Pineville has shown tremendous employment and rent growth, underscoring the supply-constrained nature of this submarket,” Kalikow added. “Stone Ridge and Whitehall Estates already have strong in-place cash flow and total return; combined with our interior and exterior value-add improvements, we see strong future rent growth for the coming years.”
Kalikow notes that two major corporate parks are within a few miles of Gamma’s new apartment developments: Whitehall Corporate Center and Lake Pointe Corporate Center.
Both have major domestic and international tenants, such as Paychex, Toshiba, Kemper Insurance, Lufthansa, Ryland Homes, Skanska, the Federal Aviation Administration and the Transportation Security Administration, as well as the Art Institute of Charlotte and the University of Phoenix.
Gamma Real Estate is a boutique commercial real estate firm based in New York City.
Visit www.Gammarealestate.com for details.