MAA, a real estate company, recently sold the South Tryon Apartments in Charlotte for $41.8 million to McDowell Properties. The sale was facilitated by Northmarq’s team of Andrea Howard, Allan Lynch, John Currin, Caylor Mark, Jeff Glenn and Austin Jackson on behalf of MAA.
According to Northmarq’s Howard: “The property has been owned by MAA for over 20 years and is well-maintained with minimal deferred maintenance. Its original interiors make it an attractive opportunity for private investors looking for a smaller deal in the growing Charlotte area.”
Northmarq’s Debt + Equity team also played a role in the transaction by arranging financing through Freddie Mac on behalf of McDowell Properties. The $24.77 million loan has a fixed rate and is structured with a five-year term and 35-year amortization schedule.
Built in 2002 and renovated in 2022, South Tryon Apartments are located at 7601 Holliswood Ct and offer one-, two- ,and three-bedroom floorplans with private patio or balcony options. Community amenities include detached garages/storage spaces (36/42), fitness center/pool/bark park/grilling area/car care center/playground.
