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Charlotte's Hyde Glen Garden-Style Apartment Community Sold for $12.1 Million
By: Blanq Real Estate
Blanq's Lead Multi-Family Broker, Josh Greenwald, represented the seller, Indus Realty, who obtained the land in March 2018. Indus Realty partnered with Kearey Construction of Mooresville, who managed the build from start to finish, completing the project in December 2020.
"We are so excited for the buyers of Hyde Glen, a lot of time and energy went into this build. From the design phase, planning, and of course, the build - everything went as planned and we know that this will be an excellent asset for years to come," said Vamsheedhar Devarishati, Indus' principal developer.
"Indus is proud to bring affordable, high quality living to the growing Charlotte region. We are pleased to have the opportunity to stimulate the economy, make a small dent in the housing shortage, and give excellent returns to our investors. We have a lot of projects in the hopper and we can't wait to see where Charlotte is in five years," said Rama Yada, a managing partner and key developer of this project.
The buyer, Gaea Real Estate Corporation, acquired Hyde Glen to add to their growing portfolio. They plan to add more Charlotte-area communities over the next three to five years, to continue offering residents a safe and quiet area to live.
"Regardless of the challenges posed by COVID-19, as well as a very tight deadline to close this deal before January 1, 2021, this transaction was very smooth from start to finish. The entire team at Indus, Gaea, Kearey and McMillan, PLLC (the seller's attorney representation)
Hyde Glen Luxury Apartments comprises of 65 identical 1,080 square foot, two-bedroom units and was approximately 69% occupied at the time of closing, just weeks after obtaining their Certificate of Occupancy. The Community's amenity package includes stunning interior upgrades that feature spacious roommate style floor plans, 9' ceilings, custom cabinetry, granite countertops, stainless appliances, washer and dryers, a large patio or balcony, a fitness center, yoga room, playground and common area.
For more information on this transaction, please contact Josh Greenwald at Josh@blanqrealestate.com or call 704-448-9185, http://blanqrealestate.com.
Josh Greenwald, Lead Multi-Family Broker
Blanq Real Estate & Commercial Property Management