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New York-based real estate investment firm URS Capital Partners has added 176 apartments in the Charlotte region to its portfolio.
Last month, the firm acquired Residences at Belmont for $23.1 million, according to Gaston County real estate records. URS Capital bought the asset off Belmont Mt. Holly Road from an entity affiliated with Napali Capital.
The previous owner bought the apartments in 2018 for $16.7 million, real estate records show. At the time, the complex was named Abbey Court apartments.
The apartments were built in phases in 1988 and 1996. The complex is less than a mile from Belmont Abbey College.
Berkadia's Mark Boyce led efforts to sell the asset on behalf of Napali Capital. The buyer is assuming a loan from Fannie Mae as part of the purchase.
“Residences at Belmont has historically been a well-performing asset and will continue to benefit from its strong location and lack of immediate competition in the submarket,” Boyce said. “We’re seeing an uptick in activity with an emphasis for attractive debt assumptions.”
URS Capital's Charlotte-area portfolio also includes The Exchange at Rock Hill. The mixed-use project is a joint venture with Charlotte-based Catalyst Capital Partners and includes 229 apartments. The development also features over 26,000 square feet of adaptive-reuse commercial space in downtown Rock Hill.
URS Capital's portfolio lists former multifamily assets in Charlotte and Gastonia that have been sold by the firm as well.