The Connor Group Increases Charlotte MF Assets; REIT Buys Assisted Living Facility in $15M Portfolio
- Oct 14, 2013
Centerville, Ohio-based The Connor Group has announced the acquisition of its third Charlotte apartment community, The Retreat at McAlpine Creek. The Ohio real estate investment firm purchased the 400-unit South Charlotte apartment asset from Professional Accommodator Inc. for an undisclosed amount.
Located off Pineville-Matthews Road, on Fishers Farm Lane, The Retreat at McAlpine Creek comprises one-, two- and three-bedroom apartments ranging between 563 and 1413 square feet. Unit features include sunrooms, built-in bookshelves, gourmet kitchens, walk-in closets and fireplaces. Community amenities include two resort-style swimming pools, lighted tennis and basketball courts, sand volleyball court, 24-hour fitness center, business center, children’s playground, dog park and multiple car care centers.
The Retreat is in close proximity to shopping and entertainment such as SouthPark Mall and Quail Hollow Club, which is set to host the 2017 PGA Championship. Major employment centers such as the Charlotte CBD and Ballantyne Corporate Park are a short commute away.
The Connor Group broke into the Charlotte apartment market in 2011 and owns two other luxury apartment communities in Metrolina: Alexander Place and Ashford Green. The company also recently entered the Nashville market with the purchase of Ashton Brook. Read more about the acquisition here.
In other news, Irvine, CA-based Cornerstone Properties REIT, Inc. (Core REIT) announced the sale/leaseback acquisition of three North Carolina assisted living facilities for $15.3 million, including one located in the Charlotte metropolitan area: 64-bed Shelby House. The 23,074-square-foot facility, built in 1991 is located in Shelby, NC. The other facilities included in the deal are the 64-bed, 29,570-square-foot Carteret House in Newport, N.C. built in 1994 and 60-bed Hamlet House in Hamlet, N.C. featuring 34,638 square feet built in 1999.
Core REIT acquired the assets from wholly-owned subsidiaries of Meridian Senior Living, LLC. The latter will continue operating the facilities based on a 15-year triple-net lease. Meridian operates two additional facilities owned by Core REIT. The company operates a total of 120 facilities amounting to 4,400 units in 12 states.
Image credits: The Retreat at McAlpine Creek via Facebook