Luxury Apartments Sell for $59M in Charlotte

Invesco Real Estate, the real estate branch of global diversified independent investment management firm Invesco, has acquired the 10-acre Junction 1504 apartment community for $59 million

Invesco Real Estate, the real estate branch of global diversified independent investment management firm Invesco, has acquired the 10-acre Junction 1504 apartment community for $59 million, according to the Charlotte Business Journal. Invesco Real Estate made the acquisition through an affiliate, buying the 281-unit South End apartment complex from Dallas-based JLB Partners. The seller was represented by CBRE Group Inc.’s Phil Brosseau.

Located in the highly desirable neighborhood of South End, the property was developed by JLB Partners, breaking ground in November 2011 and opening in April 2013. JLB Builders LLC was general contractor for the high-end residential project.

Amenities include a multi-level clubhouse featuring a spacious entertainment lounge including a TV gallery, Wi-Fi café and serving bar, fully equipped fitness center, resort-style swimming pool, fire pit, grilling areas featuring high-end grilling equipment, controlled access, private one-car garages.  Units include one- and two-bedroom apartments ranging between 770 and 1,083 square feet and are available in seven layouts. Unit amenities include private balconies, stainless steel Energy Star appliances including microwave, refrigerator and dishwasher, gourmet preparation island, granite countertops, oversized soaking tubs and walk-in showers, water efficient plumbing fixtures, full-size washer and dryer, hardwood floors and custom cabinetry.  Junction is located on the light rail line, further boosting its sustainability score.  The community provides easy access to the city’s major employment centers, such as Uptown, as well as to upscale shopping, dining and entertainment as well as generous green spaces.

The community is managed by Greystar.

Image courtesy of Junction 1504 via Facebook