Ascent Housing has acquired the Reserve at Waterford Lakes, a 140-unit affordable multifamily community in Charlotte, for $28.8 million. The buyer supported the transaction with $15.9 million in acquisition financing, aligning new ownership with fresh capital to both complete the purchase and support longer-term plans for the property.
The community, located at 8725 Kody Marie Court, was sold by Eller Capital. The property operates as an affordable rental community, and Ascent Housing has indicated a continued focus on affordability alongside resident-focused initiatives. The transaction keeps the asset within the institutional multifamily investment sphere while tying it to a sponsor with an explicitly stated affordability mission.
Newmark arranged both the sale and the acquisition financing. On the sales side, Newmark professionals Jason Kon, Dean Smith, John Heimburger, Sean Wood, John Munroe and Brenna Campbell represented the seller in the disposition of the Reserve at Waterford Lakes. Their role covered marketing the asset and guiding the transaction through to closing on behalf of Eller Capital.
On the debt side, Newmark professionals Josh Davis and Patrick Breed secured the acquisition loan through Freddie Mac. The agency financing provided a significant portion of the capital stack, with $15.9 million of debt supporting Ascent Housing’s $28.8 million purchase. The use of Freddie Mac demonstrates continued lender engagement in the affordable multifamily space, particularly for properties with contemporary finishes and institutional sponsorship.
Ascent Housing has stated that it plans to maintain affordability at the Reserve at Waterford Lakes while investing in resident-oriented programming. Planned efforts include on-site collaborations that emphasize financial empowerment, educational support, and health and wellness initiatives for residents. These commitments suggest that the new ownership will combine physical asset quality with programmatic services aimed at resident stability.
Built in 2008, the Reserve at Waterford Lakes offers one- and two-bedroom apartment homes with a range of in-unit features, including modern kitchens equipped with black or stainless steel appliances and glass cooktops. The residences also include nine-foot ceilings and crown molding, which position the units at a more contemporary standard within the affordable housing category.
Community amenities at the property include a swimming pool, fitness center, resident lounge with games, business center, and outdoor picnic and grilling areas. These shared spaces are designed to provide both recreational and functional benefits for residents, reinforcing the property’s role as a full-service rental community. With its combination of relatively modern construction, amenity set, and an affordability mandate, the Reserve at Waterford Lakes illustrates ongoing investor and lender interest in income-restricted housing within the Charlotte market.
