Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Wednesday, 21 December 2011

Westdale Buys Multifamily Complex in Charlotte, N.C.

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Westdale Investment Partners has acquired a 210-unit apartment complex in Charlotte, N.C., for $18.5 million, or $88,095/unit.

Charter Properties, a local owner/operator, sold the Galleria Village Apartments in a deal brokered by Cushman & Wakefield.

The garden-style property is near Highway 51 and Independence Boulevard. It was built in 2005.

Cushman said the multifamily vacancy rate in the Charlotte area dropped 4.6 percentage points to 9 percent during the 12 months ended last February. And multifamily construction volume dropped to 600 units this year after averaging 3,000 units annually from 2007 through 2010.

This is the first Charlotte-area acquisition by Westdale, formerly known as Redwood Capital Partners. Its investment programs include a joint venture with MetLife that's designed to make value-add acquisitions of multifamily properties in the Midwest, Southeast, Colorado and Arizona. It owns 14 properties with more than 4,700 units.

Westdale is led by David Carlson, a former vice president of acquisitions for Equity Residential, and Mark Isaacson, former executive vice president of Alliance Holdings of Chicago.

Comments? E-mail John Covaleski or call him at (267) 247-0112, Ext. 208.



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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Charlotte, N.C.
  • States: North Carolina
  • Sector: Multifamily
  • Subject: Property Acquisitions (ACQ)
  • Valuation: Between $10 million and $25 million
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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