The 324-unit garden-style property changed hands with the help of a $31.2 million Freddie Mac acquisition loan arranged by Berkadia.
Published in Multi-Housing News – MAR 18 2019
By: Lucia Morosanu
Fairfield Residential has sold the 324-unit Canopy at Baybrook in Charlotte, N.C., for $45.5 million, according to Yardi Matrix data. Berkadia worked with the new owner, Investors Management Group, to originate a $31.2 million, 10-year Freddie Mac acquisition loan.
Located at 6609 Reafield Drive in a suburban residential area, the community formerly known as Reafield Village is close to green areas such as William R. Davie Park and Olde Providence Park, while downtown Charlotte is 17 miles away. The garden-style property contains a mix of one-, two- and three-bedroom apartments in two and three-story buildings. Amenities include a fitness center, an outdoor barbecue and picnic area, a clubhouse, two pools and a lighted tennis court. According to Yardi Matrix data, the asset was 96.9 percent occupied as of February.
“The sponsor is taking advantage of a strong submarket by renovating units, increasing rents to market rates, upgrading some common areas and repurposing others completely and rebranding the property to Canopy at Baybrook,” said David Bleiweiss, managing director in Berkadia’s Irvine, Calif., office, in a prepared statement. Bleiweiss and Associate Director Jack Hunsicker worked with Investors Management Group to secure the acquisition financing.
At the beginning of the year, Fairfield Residential sold a 168-unit community for $47 million in Martinez, Calif.