252 Units — Charlotte
Year built: 1996
Location: Charlotte, North Carolina
Submarket: South Charlotte
Acquired: March 2020
Purchase price: $41.1 million
1031 exchanges: 6
Equity invested: $17.8 million
CapEx budget: $2.2 million
In the News
The property benefits from high daily traffic exposure as it occupies a large site at the entrance to the Whitehall neighborhood between Walgreens and a retail complex anchored by a Walmart Supercenter, Publix Super Market and Lowe’s Home Improvement store.
Both Whitehall Estates and Stone Ridge (another IMG acquisition, closed March 2020) are located less than a mile apart. IMG identified the opportunity to realize the benefits of potential expense efficiencies across its South Charlotte portfolio.
Propelled by its attractive amenities and central location within one of Charlotte’s largest job districts, Whitehall Estates continues its trend of strong financial performance.
Whitehall Estates marked IMG's 10th acquisition in North Carolina since 2014.