When the largest U.S. apartment owner acquired a newly built LoSo apartment building last year, it marked MAA's second acquisition in an emerging neighborhood of Charlotte, North Carolina, meriting the deal a 2023 CoStar Impact Award, as judged by real estate professionals familiar with the area.
Crescent Communities sold the 344-unit property to MAA for $140 million. LoSo, which refers to the Lower South End district of Charlotte, has been an active site for commercial development, including craft breweries and diverse dining options. The building also boasts its location next to the Scaleybark station on Charlotte's Lynx light-rail line.
MAA's acquisition shows that the neighborhood is on the up-and-up, according to local real estate experts. The property was 87% occupied at the time of sale.
MAA also owns MAA Reserve, a short distance north of MAA LoSo.
About the Project: The five-story building is part of Beacon Partners master-planned LoSo Station, projected to have more than one million square feet of office space and 52,000 square feet of retail space in an adjacent LoSo Village.
What the Judges Said: The sale "solidifies the thesis that LoSo is a compelling market," said Sagar Rathie, managing director at Crescent Communities.
"It's a development for a growing part of town," said Joe Franco, senior vice president at CBRE.
They Made It Happen: Allan Lynch, Caylor Mark, Andrea Howard, John Currin, Jeff Glenn and Sara Wagman at Northmarq represented Crescent Communities.
