Dominion Realty Partners (DRP) has closed on the sale of Centric Gateway, a midrise, Luxury Class A apartment building located at 1010 West Trade Street in Uptown Charlotte. Construction on the property was completed in December of 2017, and the building was 43% leased at the time of the sale.
Centric Gateway is one of Uptown Charlotte’s newest luxury mid-rise apartment building deliveries. The location on West Trade Street is adjacent to Gateway Village and I-77, and along the Uptown Greenway system and the CityLYNX Streetcar line. High-end apartment unit finishes include quartz countertops, large kitchen prep islands, oversized windows and sliding glass doors, private unit balconies and exterior storage, and keyless unit entry. Community amenities include a large central courtyard with saltwater pool and green activity lawn, automated package delivery system, state of the art exercise facility with interactive fitness class studio, and designer club area and game room.
DRP Chairman & CEO Andy Andrews stated “DRP is proud to deliver an environmentally certified development in Uptown Charlotte. We are pleased with our team’s execution on another Class A asset in this region and look forward to our next Uptown Charlotte project at 401 South Graham. North Carolina is our home and we take great pride in what we do.”
As with all DRP developments, Centric Gateway was designed and built as an environmentally friendly, energy efficient project, and achieved the National Green Building Standard (NGBS) Bronze Certification for Home Innovation. In addition to Centric Gateway, DRP has multiple multi-family, office, and mixed-use projects in development in Charlotte and various other markets across the Southeast. Given the continued regional market growth and success experienced in recent development projects such as Centric Gateway, DRP is actively seeking additional urban and suburban infill development opportunities.
“Our team is very pleased with the finished product at Centric Gateway and proud to contribute this high-quality apartment project to the thriving Uptown market. Centric has been very well received by the market since opening, and is well-positioned for long term success,” added Beau McIntosh with DRP.
DRP is also breaking ground later this year on the 366 foot, 28-story FNB Tower in Uptown Charlotte, as well as delivering The Palmer this fall, a 318 unit suburban apartment community located next to Top Golf in Southwest Charlotte.
An affiliate of TH Real Estate purchased the property from DRP for $68.75M. TH real Estate is one of the largest real estate investment managers in the world with over $114B in assets under management. HFF’s Justin Good, Allan Lynch, and Jeff Glen represented DRP in the transaction.