News Summary
Ascent Housing has completed the acquisition of Woodford Estates, a 228-unit multifamily community in Charlotte, for $30.2 million. This significant investment translates to about $141,228 per unit. The acquisition is backed by three permanent loans totaling $25.9 million from Newmark, and Dasmen Residential will continue overseeing the property management. With this addition, Ascent Housing aims to strengthen its presence in Charlotte’s housing market despite current challenges in local rental growth.
Charlotte, N.C. – Ascent Housing has successfully acquired Woodford Estates, a multifamily community consisting of 228 units, for a total of $30.2 million. This translates to approximately $141,228 per unit, making the acquisition a notable investment in the city’s housing market. The financial details of the transaction were provided by Yardi Matrix.
To support this acquisition, Newmark collaborated with the city of Charlotte and Mecklenburg County to secure three permanent loans. These loans include $18 million with a maturity date in 2042, $5.4 million maturing in 2046, and $2.5 million also maturing in 2046.
Prior to the acquisition, Woodford Estates was owned by Dasmen Residential, which purchased the property in 2018 for $20.8 million (around $91,000 per unit) from Southwood Realty. Dasmen Residential will continue to oversee the daily operations of Woodford Estates even after the change in ownership.
Property Details
The Woodford Estates community was completed in 1985 and spans a 10-acre site with nine two- and three-story buildings. It consists of 176 one-bedroom apartments and 52 two-bedroom units, with sizes ranging from 530 to 1,079 square feet. Residents at Woodford Estates can take advantage of various amenities, including:
- Fitness center
- Swimming pool
- Clubhouse
- Grade-level parking with 300 spots
- 24-hour on-site maintenance
- Pet park
Location and Accessibility
Woodford Estates is conveniently located adjacent to Winterfield Park, approximately 6 miles from downtown Charlotte via U.S. Route 74. Additionally, within a 1-mile radius of the community, several supermarkets, eateries, and retail options are available, including the Food Lion-anchored Eastway Shopping Center, which covers 141,000 square feet.
Ascent Housing’s Local Presence
With this acquisition, Ascent Housing adds Woodford Estates to its portfolio of 12 other multifamily properties already located in Charlotte. Earlier in March 2023, Ascent, in partnership with Housing Impact II, acquired Sharon Point, a 190-unit property less than 3 miles from Woodford Estates.
Market Context
Despite the significant investment in Woodford Estates, the Charlotte rental market is currently experiencing some challenges. The latest report from Yardi Matrix indicates a slight decrease in annual rent growth of -0.1 percent as of April 2023. In contrast, the national average showed a 0.3 percent increase in advertised rents month-over-month, highlighting the variations within local and national markets.
This acquisition by Ascent Housing demonstrates its ongoing commitment to expanding its footprint in the Charlotte area while addressing the housing needs within the community.
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HERE Resources
Additional Resources
- Multi Housing News: Ascent Housing Acquires Charlotte Community
- Wikipedia: Affordable housing
- Charlotte Observer: Soccer Article
- Google Search: Charlotte housing market
- Fast Company: Charlotte’s Plan for Affordable Homes
- Encyclopedia Britannica: Housing
- Axios: Carolina Ascent FCS Match
- Google News: Affordable housing Charlotte
Author: HERE Charlotte
The CHARLOTTE STAFF WRITER represents the experienced team at HERECharlotte.com, your go-to source for actionable local news and information in Charlotte, Mecklenburg County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Lovin' Life Music Festival, Charlotte Pride festival, and major sporting tournaments at Bank of America Stadium. Our coverage extends to key organizations like the Charlotte Regional Business Alliance and Foundation for the Carolinas, plus leading businesses in finance and entertainment that power the local economy such as Bank of America and NASCAR. As part of the broader HERE network, including HEREAsheville.com, HEREGreensboro.com, HERERaleigh.com, and HEREOBX.com, we provide comprehensive, credible insights into North Carolina's dynamic landscape.
