Dasmen Residential has sold HillRock in Charlotte, N.C., to Urban Ministry Center for $47.7 million, Yardi Matrix data shows. The 341-unit community last traded in 2017 for $17.5 million.
The new owner financed the acquisition through a three-loan package. The bulk of the debt—$31.6 million—was provided by Bellwether Enterprise through a Fannie Mae loan. The City of Charlotte also originated a $5.4 million mortgage, with Atrium Health funding an additional $5 million.
Located 7 miles east of downtown Charlotte at 3317 Magnolia Hill Drive, the asset is within walking distance of public transit and 2 miles north of a Food Lion-anchored shopping center. The property opened in 1988 on a 22.8-acre site and includes common-area amenities such as a pool, clubhouse with lounge areas, fitness center and dog park. The 21 two- and three-story buildings have one- and two-bedroom apartments ranging from 532 to 1,081 square feet.
In December, Dasmen Residential spent $29.5 million on The Forest in Durham, N.C. Greystone provided the buyer with more than $23 million in acquisition financing through Freddie Mac.