This month has been a great month for Charlotte’s real estate economy. The Centric Gateway apartments got sold for $68.75 million.
The consumer is an associate of TH Real Estate, which happens to be the massive investment organization of TIAA. The company’s assets are worth $114 billion.
The Gateway apartment complex has about 297 units. The price comes out to $231,481 for each apartment.
Centric Gateway has been open and ready for sale since December. About 43% of the apartments are leased, according to Dominion Realty Partners. Partner of the firm Beau McIntosh says the property “is well-positioned for long-term success.”
But that’s not all, there’s more! They plan to build about 27,000 more apartments in the city of Charlotte, NC. Some are already being built, and some are still being planned.
Although this could bring more people from other cities, locals fear that there will be an oversupply of apartments in the city. A study shows that Charlotte is the most “oversupplied” apartment markets in America.
Near Topgolf in Steele Creek, Dominion Realty Partners have already started building about 318 units, as well as a 28-story building. It has not been determined yet whether the building will lease office spaces or contain apartments.
As the public eagerly waits to see the finalized buildings and homes, people from other cities continue to move to Charlotte thanks to the new apartment market boom.