MLK Real Estate Capital has announced that it has arranged the equity financing for the acquisition of a portfolio of two multifamily properties located in the North Pineville submarket of North Carolina, totaling 570 units and over 574,000 square feet. The equity financing was secured on behalf of its client, an experienced New York City based Multi-Family operator that focuses on multi-family residential properties in the southeastern United States.
The properties are located 12 miles southwest of uptown Charlotte in the North Pineville submarket and are garden style apartments built in 1996 and 2001.
The North Pineville submarket has expanded 16.2 percent in population growth between 2010-2015, with an additional projected growth of 11.5 percent through 2020. The properties are attractively located adjacent to corporate parks and an abundance of employment opportunities, with currently over 69,000 jobs within a five-mile radius of the two properties. Charlotte, overall ranks ninth on the PWC Emerging Trends 2017 list of U.S. real estate “markets to watch” for investment and development, and ranks 13th on the 2016 Forbes America’s Fastest-Growing Cities list.
“MLK Real Estate Capital worked closely with the sponsor & capital partner to arrange the equity financing and ensure the timely closing of this transaction,” explained Solomon Kinraich, Managing Principal of MLK Real Estate Capital in a press release. “Charlotte is an attractive residential market due to the high job growth, low unemployment, and reasonable cost of living. It was a compelling opportunity to secure the equity financing on two recent vintage multifamily properties in the North Pineville submarket (with a median household income of $60,000 and low vacancy rates), one of the fastest growing submarkets in Charlotte, with strong underlying fundamentals.”
MLK Real Estate Capital is a privately held, boutique commercial real estate investment banking and advisory firm headquartered in New York City. MLK provides structured finance and strategic advisory services to commercial real estate client sponsors. MLK leverages its extensive capital network to facilitate equity placement and debt placement for commercial real estate transactions on behalf of its real estate client sponsors.