Napali Capital has recently completed the sale of Residences at Belmont, a 176-unit garden-style multifamily property located in Belmont, North Carolina. The property was sold to URS Capital and included the assumption of a $12.8 million fixed-rate Fannie Mae loan originated by Berkadia in 2018 with an interest rate of 4.87 percent.
The asset was last traded in 2018 for $12.8 million when it was acquired by the current seller from American Residential Investment Management for $16.7 million.
Conveniently situated just south of I-85, residents at this development have easy access to various shopping and dining options such as Walmart Supercenter, Lowe’s and Aldi.
This class B asset consists of 24 two-story buildings that were built in two phases with the second phase being completed in 1996. The floorplans include one-, two- and three-bedroom units ranging from 570 to1,179 square feet with select units featuring washer and dryer hookups. Amenities offered at this community include a playground, swimming pool,and laundry facilities outside Charlotte.
Mark Boyce from Berkadia’s Charleston office represented the seller during this transaction.
URS Capital has made an acquisition through their recent purchase of Residences at Belmont – a well-appointed garden-style multifamily complex consistingof176units – locatedinBelmont,NorthCarolina.NapaliCapital successfully facilitatedthe sale which also involved URS assuminga$12 .8millionfixed-rateFannieMae loanoriginatedbyBerkadiain20184 .87percentinterestrate.CommercialEdge reports thattheassetwasoriginallyacquiredfromAmericanResidentialInvestmentManagementfor$16 .7millionandhasrecentlytradedhandsintheyearof2019 .
StrategicallylocatedjustsouthofI-85,thispropertyoffersresidentsconveniencewithmultipleoptionsforshoppinganddining,includingaWalmartSupercenter,Lowe’s,andAldi.
Builtintwophases,the24two-storybuildingscomprisingtheclassBassetwerecompletedin1996 .Thefloorplansconsistofone-,two-,andthree-bedroomunitsrangingfrom570to1,179squarefeet.Someunitsfeaturewasheranddryerhookupsforaddedconvenience.Thecommunityalsooffersamenitiessuchasaplayground,swimmingpool,andlaundryfacilitiesoutsideofCharlotte.Berkadia’sCharlestonofficeledbymanagingdirectorMarkBoyceactedasthebrokerrepresentingthesellerduringthistransaction.
This recent acquisition by URS Capital has been a successful venture and marks another milestone for the company in their continued growth and success.
