News Summary
Ginkgo Residential has successfully sold Weyland Apartments, a 200-unit multifamily community in Charlotte, North Carolina, for $29.3 million. This sale is significant as it marks the firm’s first property sale in 2025. The property features upgrades and a strategic location that appeals to investors amid rising demand for quality housing in the area.
Charlotte Sees Successful Apartment Sale by Ginkgo REIT
Ginkgo Residential has completed the sale of Weyland Apartments, a 200-unit garden-style multifamily community located in Charlotte, North Carolina, for $29.3 million. This transaction is notable as it marks Ginkgo REIT’s first property disposition of the year 2025.
The strategic location of Weyland Apartments between Wilkinson Boulevard and Freedom Drive offers residents convenient access to major employment centers, including the West Charlotte Corridor, Uptown, South End, and nearby medical hubs. This accessibility adds to the appeal of the property, especially as the surrounding area continues to experience growth.
Initially acquired by Ginkgo Residential in June 2018 for $12.0 million, the property has undergone significant upgrades. These improvements include interior unit renovations, the development of a new clubhouse, and various operational enhancements aimed at increasing value. The investment in necessary upgrades has made Weyland Apartments an attractive asset for investors.
Investor Demand and Market Trends
The multifamily asset attracted strong interest from investors, highlighting the increasing demand for high-quality housing in southeastern markets. Furthermore, the FreeMoreWest submarket of Charlotte has undergone a surge in capital investment and development, resulting in upward pressure on rental prices. This trend indicates a healthy market for multifamily investments.
Bill Green, President of Ginkgo REIT, pointed out that the fundamentals for multifamily investments in the Carolinas remain strong, driven by wage growth and population inflows. Such economic factors contribute to a favorable investment environment.
Partnership and Management
The property was owned in partnership with Banyan Street Real Estate Funds and other investors, with management responsibilities and related performance fees transferred to Ginkgo REIT post-acquisition. This collaborative approach allowed for effective management and improvements to Weyland Apartments.
In carrying out the sale, Ginkgo REIT was represented by the CBRE Southeast Multifamily Team, which played a critical role in facilitating the transaction and ensuring optimal returns for the firm’s investors. The successful closure of the sale not only provided attractive returns but also positioned Ginkgo REIT favorably within the competitive real estate market.
About Ginkgo Residential
Ginkgo Residential is recognized as a leading provider of affordable and eco-friendly apartment communities across North and South Carolina. The firm specializes in the acquisition, renovation, and management of high-quality housing while striving to maintain affordability for residents. Ginkgo has built a reputation as a trusted player in the real estate sector and has been acknowledged as a Top Workplace since 2020.
Looking ahead, Ginkgo Residential remains focused on identifying high-potential investment opportunities and enhancing the quality of its communities. The firm continues to seek out ways to improve the living experience for its residents and solidify its position in the market.
For ongoing updates about investment opportunities, Ginkgo Residential invites interested parties to visit their official websites.
For media inquiries, contact Cayla Graffis via email at [email protected]. Investors can reach out to Rada Milenovici at [email protected] for more details.
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Additional Resources
- Business Wire: Ginkgo REIT Announces Sale of Weyland Apartments in Charlotte, NC
- Wikipedia: Real Estate
- NC News Online: Ginkgo REIT Announces Sale of Weyland Apartments in Charlotte, NC
- Google Search: Weyland Apartments Charlotte
- Business Wire: Ginkgo Residential Names New Director of Investor Relations
- Encyclopedia Britannica: Multifamily Housing
- Multifamily Biz: Ginkgo Residential Acquires 219-Unit The Preserve
- Google News: Ginkgo Residential
Author: HERE Charlotte
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