Greenville-based NAI Earle Furman’s Multifamily Division arranged the $14.7 million sale of Park Fairfax Apartments and Colonial Place Apartments, a 274-unit portfolio located in Charlotte, N.C.
Tony Bonitati, Kay Hill, and Bern DuPree arranged the transactions on behalf of the sellers, Fairfax Holdings LLC and Springmont Holdings LLC. Cedar Grove Capital based out of New York acquired the portfolio and was not represented in the sale.
Park Fairfax is an apartment community constructed in 1971 and consists of 46 one-bedroom units and 92 two-bedroom units. Colonial Place Apartments, constructed in 1974, consists of 96 one-bedroom units and 40 two-bedroom units.
The two properties are contiguous to one another and feature community amenities such as a pool, clubhouse, and playground. The properties averaged 95 percent occupancy at the time of sale.