An investor new to Charlotte has acquired an apartment property in the Montclaire South area.
Quantum Equities, a New York real estate investment, management and development firm, acquired The Flats at Arrowood for $33.5 million, according to Mecklenburg County real estate records. Blackfin Real Estate Investors out of Arlington, Virginia, sold the property, which includes 301 apartments.
The Flats at Arrowood sits on about 25.9 acres off East Arrowood Road, between Old Pineville and Nations Ford roads. Quantum paid a little more than $110,000 per unit for the property.
During its ownership, Blackfin invested an undisclosed amount at the property, including updates to amenities and units. It was previously reported that Blackfin expected to spend about $2.5 million in improvements. The Flats at Arrowood, formerly known as Montclaire Estates, was built in the 1970s. Blackfin purchased the property in early 2018 for $24.2 million.
Quantum Equities says on its website that it is “known for turning around underperforming” properties, largely in the New York metro area. The firm owns and manages 5,000-plus units in four states.
Roi Lidor, director of acquisitions for Quantum Equities, said in a statement that the acquisition represents an opportunity to capitalize on a “strategically located asset” and that further capital improvements could add value.
“We are very excited to establish a presence in the Charlotte market and look forward to expanding our presence throughout the Carolinas further,” Lidor said.
Advertised rents today at The Flats at Arrowood start at $649 for a 525-square-foot studio, $689 for a 575-square-foot one bedroom, $849 for a 846-square-foot two-bedroom apartment and $1,130 for a unit with three bedrooms.
Marc Robinson, Watson Bryant and Brooks Colquitt at Cushman & Wakefield represented the seller in the transaction.
Source: Charlotte Business Journal
