Vyne on Central Completes Second Phase; Creekside Apartments Refinanced
- Jun 13, 2014
By Eliza Theiss, Associate Editor
759 Ventures has completed the 65-unit second phase of Vyne on Central, a condo-turned-apartment project in Charlotte’s Plaza-Midwood neighborhood, reports the Charlotte Business Journal.
The company, which consist of the Mizzi family from Toronto and a team of real estate and investment professionals from across the U.S., purchased the formerly 33-unit project for $2.37 million in 2012 and bought out the 10 units that had sold as condos and proceeded to convert the entire asset to apartment, according to previous coverage by the Charlotte Business Journal. 759 Ventures broke ground on the two-building, 65-unit expansion in 2013. To date over a third of the new units have been leased.
The Central Avenue apartment community offers amenities such as a tropical pool, community garden, grilling stations, fire pit, outdoor lounge, grassy pet area and the TreeHouse community room boasting a kitchen, lounge areas, wide screen TV, WiFi and the onsite leasing center. Vyne on Central comprises one- and two-bedroom apartments ranging between 650 and 1,040 square feet in size. Rents start at $900 and go over $1,395. Apartment features include Energy Star appliances, energy-efficient windows and spacious balconies. The community is located three miles from Uptown Charlotte.
In other multifamily news, Brett Mason, vice president of NorthMarq Capital’s Raleigh regional office, arranged a $6.1 million financing for the 118-unit Creekside Apartments in Hickory, N.C. NorthMarq arranged financing for the borrower through its Fannie Mae DUS platform. The loan is structured on a 10-year term and 30-year amortization schedule.
Creekside Apartments features one-, two- and three-bedroom apartments ranging between 780 and 1,200 square feet, renting between $613 and over $858 per month. Community amenities include a fitness center, resort-style pool and gazebo, picnic and grill areas, lighted sports court, and mature landscaping throughout the community’s 10-acre site.
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Image credits Vyne on Central via Facebook and NorthMarq