University City apartment complex sells for $34.7M

The Piedmont at Ivy Meadow in Charlotte's University City area has recently sold for $34.7 million. Built in 2000 by Hanover Development, the 372-unit apartment community has 15 three-story buildings spanning 22.3 acres and is located about a mile away from UNC Charlotte. Ninety percent of the apartments have undergone upgrades averaging $5,000 per unit, according to commercial real estate firm CBRE, which brokered the sale. The complex is 96% occupied, and its units average $894 a month in rent.…

from Charlotte Business News - Local Charlotte News | Charlotte Business Journal http://www.bizjournals.com/charlotte/news/2016/02/26/university-city-apartment-complex-sells-for-34-7m.html