September 28, 2016
Inland Real Estate Acquisitions Inc. struck a deal to acquire the 204-unit Vanguard Northlake Apartments at 11010 Northlake Landing Dr. in Charlotte, NC. The seller, Covington Realty Partners, disposed of the asset for $31.7 million. The property was 95% leased upon closing.
The multifamily complex offers one, two, and three-bedroom units. Amenities include an outdoor swimming pool, a fitness center, fireside lounge, dog park, bicycle storage, and business center.
“We are pleased to have closed on this high quality multifamily property, ideally located in the Northlake area of Charlotte,” said Inland’s Matthew Tice. He noted the Chicago REIT knew the market, as it had acquired two shopping centers in Charlotte. “Having a previous knowledge and understanding of the Northlake area, combined with the town’s recent growth, made this an attractive acquisition,” he said.
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