University City apartment complex sells for $47.6M

The Piedmont at Ivy Meadow in Charlotte’s University City area has recently sold for $47.6 million, according to Mecklenburg County property records.
Built in 2000 by Hanover Development, the 372-unit apartment community has 15 three-story buildings spanning 22.3 acres and is located about a mile away from UNC Charlotte. Ninety percent of the apartments have undergone upgrades averaging $5,000 per unit.

Jeff Coles and Rick Shinberg, both of Bethesda-based First Capital Realty, represented Mesirow Financial in the sale. The team also procured the buyer.

According to statistics by real estate research firm Reis Inc., average vacancy rates for Charlotte apartment units dropped to 4.8% at the end of the fourth quarter in 2015. Meanwhile, the market’s effective rent grew by 5.6% to $883.19.