European Investment Management Corp recently sold two multifamily communities in Charlotte for a total of $34 million. The Jade Charlotte, consisting of 172 units, and the Slate Charlotte, with 120 units, were both constructed in 1986. According to Multi-housing News, Friedlam Partners was the buyer and secured financing for the acquisition through two loans from Flagstar Bank totaling $23.3 million over a period of ten years.
Formerly known as Heatherwood Trace, Jade Charlotte is situated at 5600 Paces Glen Ave., conveniently located near Eastland Promenade shopping mall. The other property acquired by FriedLam is just four miles away from Jade at 6017 Williams Road and is close to East Town Market which boasts various dining and retail options.
The seller was represented by a team from Berkadia led by Caleb Troop.
This recent transaction adds to Friedlam’s growing portfolio in the thriving rental market of Charlotte where they now own a total of twenty-nine multifamily properties within the metro area.
