**Vertex Acquires Charlotte Multifamily Property in $9.7M Deal**
Vertex Investments has acquired Flats at 87Ten, a hotel-to-multifamily conversion located at 8710 Research Drive in Charlotte, North Carolina. Purchased from Lucern Capital for $9.7 million, the property is situated near the University of North Carolina at Charlotte.
Originally developed in 2000 as a TownePlace Suites extended-stay hotel, the property was fully redeveloped in 2023 by Lucern Capital into a 96-unit boutique-style luxury apartment community. As part of the conversion, the community underwent comprehensive interior and exterior renovations.
Flats at 87Ten features a range of amenities including a swimming pool, fitness center, resident lounge, package lockers, and a laundry care facility. The apartment community offers studio, one-bedroom, and two-bedroom units with starting monthly rental rates of $999 for studios, $1,099 for one-bedrooms, and $1,249 for two-bedroom units.
The transaction was brokered by Northmarq, with Ron Corrao, Eric Liebich, Matt Weinstein, and Dane Lozier from the firm’s Charlotte office representing the seller and securing the buyer.
