324 Units — Charlotte
Canopy at Baybrook
Year built: Completed 1988
Location: Charlotte, North Carolina
Submarket: South Charlotte/Olde Providence South
Average unit size: 912 SF
Phase I: Acquired February 2019
Phase II: Acquired November 2021
In the News
No. 6 'Market to Watch' - Overall Real Estate Prospects, ULI Emerging Trends Report 2022
Charlotte Community Trades for $46M − Multi-Housing News
Investment firm plans upgrades at south Charlotte apartment property after $45.5M purchase − Charlotte Business Journal
Canopy at Baybrook is located in one of the Southeast’s highest barrier-to-entry neighborhoods. Olde Providence South is ranked as one of the best places to live in the state of North Carolina. The concentration of wealth in the immediate area is evidenced by the number of country clubs, golf courses, and maximum home values reaching $7M+ at Quail Hollow, less than a mile away. Bordering Canopy at Baybrook is Challis Farm, one of Charlotte’s few gated luxury communities. Families are moving to this neighborhood for its zoning within some of Charlotte-Mecklenburg County’s top-rated schools including McAlpine Elementary, South Charlotte Middle, and South Mecklenburg High.
Less than five miles from the Property, Ballantyne Corporate Park is an internationally recognized 535-acre campus featuring 4.4 million square feet of high-performance office space. Home to 30+ Fortune 500 Companies, it is the largest concentration of LEED® Gold-certified, Class A buildings in Southeast. More than 100 corporate expansions have been accommodated in Ballantyne because of its location in the heart of Charlotte’s largest concentration of college educated, experienced labor.
Charlotte remains a target market for institutional investors, occupying a Top 6 ranking ‘Overall Real Estate Prospects’ on the 2022 ULI Emerging Trends in Real Estate report.
When Phase I ownership took over this project in February 2019, its name (Reafield Village) and marketing collateral were not positioned to a high standard in relation to nearby competitors. As the Asset Manager, IMG oversaw the repositioning of the property which included community rebranding with new signage and landscaping. The property was successfully rebranded as a true “luxury-value” community. The cohesive, modern brand continues to appeal to renters in this high barrier-to-entry neighborhood.
Phase I owners invested $2.9M from February 2019 to November 2020 on renovating community amenities and unit interiors. Notable capital projects completed during Phase I include:
- Leasing office/Clubhouse remodel
- Repurpose of indoor pool to new fitness center
- Luxer One automated package locker installation
- Addition of dog spa and expanded bark park
- Pool area enhancements with new grills, fire pit and furniture
- Unit interior updates
Phase II ownership will execute a $4.0M value-add business plan to renovate and update the exterior and to complete unit improvements. Canopy Phase II benefits from IMG’s continued asset management oversight and supportive submarket fundamentals.