Harbor Group International has acquired Chronicle Mill, an adaptive-reuse multifamily community in Belmont, from Armada Hoffler Realty Trust. The property is located at 96 Catawba St., and the transaction involves a historically significant textile mill that has been converted into modern residential use.
According to reporting from the Charlotte Business Journal cited in the source article, Chronicle Mill comprises 238 apartment units and approximately 9,000 square feet of commercial space. The residential mix includes studio, one-bedroom, and two-bedroom layouts. Published asking rents at the property range from $1,335 to $2,176 per month, positioning the community in a market-rate segment.
The redevelopment of the former mill into the existing multifamily and commercial project represented a $60 million investment. Armada Hoffler Realty Trust originally acquired the property for $1.4 million in 2020 prior to the redevelopment effort. The completed asset now operates as a multifamily community with ancillary commercial space within a converted historic structure.
Harbor Group International’s purchase of Chronicle Mill is one piece of a larger portfolio transaction between the two firms. The acquisition forms part of a $562 million deal in which Harbor Group is acquiring 11 multifamily properties from Armada Hoffler Realty Trust. The Chronicle Mill asset adds an adaptive-reuse component to that broader multifamily portfolio trade.
Chronicle Mill holds a notable place in local industrial history. It was the 28th textile mill constructed in Gaston County and the first textile mill developed in Belmont. The concept for the original mill is credited to Robert Lee Stowe, a local merchant, and the facility was built in 1901. The recent conversion from historic mill to a modern apartment community reflects a shift in use while preserving the site’s legacy as a longstanding economic fixture in the area.
The property now combines historic industrial architecture with a contemporary multifamily program and ground-floor commercial space, aligning a century-old structure with current residential demand. While specific sale pricing for the Chronicle Mill asset within the portfolio transaction was not disclosed in the source text, the deal underscores ongoing institutional activity in the multifamily sector and the role of adaptive-reuse projects in markets like Belmont.
