AXA Investment Managers - Real Assets completes acquisition of Century Northlake Apartments complex
AXA Investment Managers - Real Assets (“AXA IM - Real Assets”), the leading real estate portfolio and asset manager in Europe(1) and one of the leading worldwide(2), announces that it has completed, on behalf of one of its clients, the acquisition of Century Northlake Apartments in Charlotte, North Carolina, USA. The transaction was completed in joint venture with Cortland Partners (“Cortland”), a multifamily owner and operator headquartered in Atlanta, who will assume operational responsibility for the asset.
Century Northlake Apartments is a 570-unit multifamily complex that was built in two phases in 2009 and 2012 and comprises a mix of one, two and three-bedroom apartments and townhomes. The high-specification apartments include 9-foot, floor-to-ceiling heights, large open kitchens, and high-end amenities. The complex incorporates two swimming pools, two fitness centers, and both detached and attached garages.
The Northlake area, in the affluent northwest region of Charlotte, is one of the Metropolitan Statistical Area’s fastest growing submarkets, primarily due to its easy access to employment centers, a major retail mall currently under expansion, and the newly completed I-485 Loop transforming Northlake into a regional transportation hub. Century Northlake is a short commute from the area’s major employment centers, including Uptown, the Lake Norman I-77 corridor, and University City and is also in the immediate vicinity of a number of office parks in Northlake.
Steve McCarthy, US Head of Asset Management and Transactions at AXA IM - Real Assets commented: “We look forward to working with repeat partners Cortland Partners again on this unique investment opportunity. Century Northlake is a high-quality asset, and taking advantage of its central location and easy accessibility to both local and greater Charlotte commercial offerings, our expert asset management teams are expecting to realise significant upside potential. Following an all-inclusive value-add strategy to reposition the property, including a range of unit interior upgrades and thorough enhancements throughout the property’s amenities, the renovated, best-in-class property will be well-positioned to capitalise on the substantial growth in Northlake and greater Charlotte.”
“Century Northlake will be a strong addition to our client’s portfolio as we continue to build on the momentum of our US growth strategy with value-add investment opportunities, which aim to offer attractive return potential. We continue to explore new opportunities to add institutional quality assets in growing markets.”
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1 Source: IP Real Estate Top 100 Investment Management Survey – Nov/Dec 2015
2 Source: INREV Survey 2015 published in May 2016
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