The Charlotte market has acquired 762 suburban multifamily units. The firm behind this is the Solomon Organization which is in Summit, N.J. The firm was not alone; Waterford Hills Apartments in North Charlotte and two Matthews communities, Matthews Pointe Apartments and Mission Matthews Place Apartments were together in making the deal. An over of $88 million deal was made.
The property was earlier enlisted with Conn.-based Starwood Capital Group from which the Solomon organization bought. The total investment they made was $10.9 million. The managing director of The Solomon Organization was very happy with this step. He also said that before this investment, the company also invested in well-located suburban assets which comprised of medical and education centers. The manager also said that entering the Charlotte market was a natural progression. They had preplanned the investment for bigger profits.
However, this is not all that Solomon organization wanted. The manager said he is looking for more opportunities in the Southeast, Charlotte. Till date, the Solomon Organization has acquired Waterford Hills for $32.2 million, Matthews Pointe has acquired $10.9 million and Mission Matthews Place has acquired $44.9 million. All in all, Waterford Hills last made the trade for $27.8 million in 2014, Matthews Pointe for $7.3 million in 2014 and Mission Matthews Place for $33.5 million in 2015. The all gave value-added opportunities to the organization as a high dollar amount for capital improvement plans at the Charlotte-area communities were made that benefited the organization.