Laurel Street Residential Expands Charlotte Footprint

Multi Housing News, Jeff Hamann, April 24, 2019

A private investor has sold Sharon Oaks Apartments, a 98-unit Class C community in Charlotte, N.C., to Laurel Street Residential for $8.2 million. Bellwether Enterprise originated $6.1 million in Fannie Mae acquisition financing for the buyer, per data from Yardi Matrix.

Located at 2318 N. Sharon Amity Road in Charlotte’s Coventry Woods-East Forest submarket, the community’s 12 buildings are 5 miles southeast of the city center. The property is near the Monroe Road retail corridor, with nearby public transportation linking the area to the wider metro.

The first phase of Sharon Oaks opened in 1961, followed by a second phase in 1976. The community contains one- and two-bedroom apartments with floorplans between 609 and 911 square feet. In March, the property was 91.8 percent occupied, according to Yardi Matrix data.

Laurel Street owns some 800 other units in the Charlotte metro, per Yardi Matrix data, with most of the firm’s communities including affordable units. The company is additionally working on several projects in the area, including the 124-unit affordable component of The River District, a 1,400-acre, mixed-use development along the Catawba River.