Charlotte, NC- Sandhurst Apartment Management (“SAM”) has announced the purchase of SoHo on Central, a 155-unit multifamily apartment complex built in 1971. The acquisition closed in January 2019.
SoHo on Central consists of 13-two story buildings and a one-story renovated clubhouse. SAM purchased this asset from a troubled sponsor who began to renovate the entire community. Prior to ownership, a total-reroofing, amenity and clubhouse renovation, partial siding and interior renovation was completed. The remaining 2/3 of the units are completely gutted or were left in their original condition at the time of purchase. SAM plans to complete the remaining interior renovations immediately after takeover, which includes refinishing each unit with grey cabinetry, vinyl wood plank flooring, stainless steel appliances, new bathroom and lighting fixtures, interior doors and more! SAM expects to have interior renovations completed by late 2020.
SAM is pleased to purchase its second asset in Charlotte. SoHo is located in a great location within a key target growth market. The property is within walking distance to many popular dining and retail options in Charlotte’s Plaza Midwood neighborhood. With easy access to major highways,continued commercial and industrial growth and close proximity to Uptown Charlotte, SoHo on Central is situated in an excellent location. As East Charlotte-Central Avenue has become a highly attractive submarket of Charlotte, the acquisition proves to be consistent with our strategy of buying assets located in growing submarkets with strong demographics, projected rent growth and minimal new supply forecasted within the market.
ABOUT SANDHURST APARTMENT MANAGEMENT (“SAM”)
Sandhurst Apartment Management is a forward-thinking, time tested group that provides a wholly integrated package of property management services, including on-site asset management, construction supervision and due diligence. Our success is rooted in our thoroughly vetted, value-add property investments that provide high-quality rental apartments in good school zones with attentive, hands-on-property management. Sandhurst owns and manages assets in 9 states totaling almost 10,400 units.