TORONTO, Aug. 25, 2017 /PRNewswire/ -- Emma Capital Investments Inc. ("Emma Capital") is pleased to announce the acquisitions of two properties – Grand Terraces Apartments (240 units), located at 6000 Regal Estate Lane Charlotte, NC 28212, and Stanford Reserve (310 units), located at 1207 Kelson Avenue, Charlotte, NC 28215 (the "Properties"). Both garden style communities, constructed in 1999/2002 and 1986 respectively, are located in East Charlotte off Albermarle Rd., and are across the street from each other. Emma Capital plans to combine the administration of the two properties and run them as one community, which has been renamed Avalon Heights Apartments. The Properties were purchased at a combined purchase price of $US 53,000,000. These are Emma Capital's 4th and 5th investments in North Carolina and its 24th and 25th acquisitions in the U.S. Along with the recent acquisition of Parc at Dunwoody in Sandy Springs (Atlanta), these purchases bring Emma Capital's total portfolio to date to over 6,000 apartment units.
The Properties are well positioned in the East Charlotte submarket. Charlotte leads the Southeast in terms of population growth and emerging industries, outpacing both North Carolina and the U.S. The East Charlotte area is experiencing healthy public and private development that is bolstering the area. Demand in the area is driven by its direct connectivity to the prolific employment hubs of Uptown and University City, coupled with its relatively affordable rents. Further infrastructure investments by the City of Charlotte, including the expansion of Independence Blvd., are expected to improve accessibility to this submarket.
"We are very excited about this acquisition," stated founding Partner and Co-Owner Haya Zilberboim. "The purchase of both properties results in Emma Capital amplifying its strong presence in the submarket. Emma Capital currently owns two other assets in the submarket, Delta Crossing and the Axiom Apartment Homes (formerly Cameron at Hickory Grove). The addition of the 550 units provides the ability to offer a variety of floor plans and options for potential residents which will enable Emma Capital to better cater to the individual tastes of potential residents. The vast majority of the units at the Properties feature original classic interior finishes, making them strong candidates for unit interior upgrades by enhancing the finishes and appliances to achieve substantial rent increases. Further, the proximity of the two assets will allow efficiencies and scalability in staffing, marketing, and operational synergies. We intend to operate both Properties as one, with centralized administration and anticipate that such efficiencies will result in lower overall expenses and higher performance."
"We are extremely excited about our continued expansion into the Carolinas in general and into Charlotte in particular," added Partner and Co-Owner Oz Cohen. "Charlotte has one of the fastest growing millennial populations in the US with a wealth of leading colleges and universities generating a highly educated workforce. We are attracted to its emerging biotech and energy industries which solidify a diversifying economy with its historically strong banking industry. The Properties are perfectly positioned in Charlotte's 'Path of Progress' in the East Charlotte submarket, and are well positioned for future rent growth. These acquisitions are our 24th and 25th in the United States. With over 6,000 units in our portfolio, we have a very strong base to continue our expansion to other Southeast submarkets such as Nashville, Louisville, Orlando, Tampa, Raleigh and Indianapolis. We continue to execute our growth strategy with quality assets and leverage our experience and relationships to access phenomenal opportunities."
About Emma Capital
Emma Capital was founded in 2012 and specializes in the identification, financing, acquisition and operation of multi-family residential complexes, in particular in the Sun Belt States in the U.S. The typical Emma Capital project involves 100+ class "B" apartment communities with value-add opportunities, delivering strong cash flow and long-term appreciation while preserving capital. To date, Emma Capital's portfolio consists of total purchased value of over US$550,000,000 of property and over 6,000 units in the Phoenix, Atlanta, Charlotte, Raleigh, and Orlando markets.
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SOURCE Emma Capital