Tishman Speyer has entered the Charlotte multifamily market with the acquisition of Berkshire Dilworth, a 296-unit luxury apartment community situated between West Midtown and the historic Dilworth neighborhood. The property changed hands for $76.3 million, which equates to slightly more than $250,000 per unit. Berkshire Residential sold the asset in a transaction that marks Tishman Speyer’s initial investment in the Charlotte area.
Berkshire Dilworth is located at 1351 E. Morehead St. and is currently 97 percent occupied, underscoring its stabilized renter base at the time of sale. The community offers a mix of studios and one- to three-bedroom floorplans, with an average unit size of 856 square feet. This range of layouts supports a variety of resident profiles while maintaining a consistent mid-size apartment footprint across the property.
Interior amenities at the community include a 24-hour fitness center and a dedicated yoga studio, providing residents with multiple options for on-site wellness and exercise. Common-area features also encompass a resident lounge, coworking spaces, a clubhouse and a rooftop lounge with a fireplace, reflecting an emphasis on both social gathering areas and flexible work-from-home environments within the building.
Outdoor amenities at Berkshire Dilworth comprise a swimming pool, a sundeck and a terrace lounge, extending the property’s lifestyle offerings beyond the interior spaces. In addition to its residential components, the community incorporates 3,000 square feet of street-level retail space, adding a mixed-use element that can serve both residents and the surrounding neighborhood.
Following the acquisition, Tishman Speyer plans to upgrade the property’s amenities and exterior, along with select improvements to individual apartments. These planned enhancements are targeted at refreshing common areas and unit finishes, indicating an effort to further position the asset within the luxury segment of the local multifamily market.
Newmark arranged representation for Berkshire Residential in the sale. The seller was advised by a Newmark team consisting of John Heimburger, Dean Smith and Sean Wood, who handled the marketing and disposition of Berkshire Dilworth. The transaction highlights continued investor interest in well-leased, amenitized multifamily communities in Charlotte’s in-town neighborhoods.
