A Charlotte multifamily community was acquired by Brookfield Properties. Brookfield acquired Beacon Hill, a 349-unit community in for $43 million. Completed in 1986, the 349-unit Beacon Hill apartments is at 1322 Beacon Ridge Road. Brookfield Properties assumed the $32.7 million outstanding balance of a $33 million CMBS loan held by Fannie Mae.
The seller was LivCor. Commercial Edge reports LivCor paid Bridge Investment Group $41 million for the property in 2019.
The community encompasses 14 two- and three-story buildings spread across more than 14 acres. The unit mix consists of one- and two-bedroom floorplans ranging from 530 to 1,079 square feet. Apartments feature private balconies or patios.
Common-area amenities include a fitness center, swimming pool, business center and dog park. The property also has 500 parking spaces, grilling stations and lounge areas.
The post Brookfield Properties Takes On 349-Unit Charlotte Rental Community appeared first on Connect CRE.
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