Newly delivered multifamily properties in Charlotte fetch big returns in trades

CHARLOTTE, N.C. — Investors appear to still feel good about Charlotte apartments — properties that delivered a year or two ago, both close to the central business district as well as out in the suburbs, have fetched high numbers in recent trades.

One multifamily development near Waverly in south Charlotte is under new ownership after a nearly nine-figure sale. Charlotte-based Crescent Communities sold Novel Providence Farm, at 6408 Providence Farm Lane, for $98 million to an entity affiliated with Heitman Capital Management, a real estate investment firm out of Chicago, according to Mecklenburg County real estate records.

Novel Providence Farm, which sits on the Charlotte-Matthews border, has 404 units total, including one-, two- and three-bedroom apartments and eight carriage houses.

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