CHARLOTTE – Hamilton Point Investments bought the 294-unit Pavilion Village apartment community for $56.75 million, completing a transfer that values the northeast Charlotte property at about $193,027 per unit. JLL Capital Markets announced the sale Sept. 24, and Commercial Real Estate Direct independently reported the price and buyer.
JLL represented the sellers, Pearlmark and BCAP Properties, and procured Hamilton Point as the buyer. The completed transaction transfers a large, occupied apartment community from one private ownership group to another in Charlotte’s University City area.
The property at 131 Gracyn Olivia Drive was built in 2015 on 26 acres, according to JLL. Its 294 apartments include one-, two- and three-bedroom units averaging 910 square feet. JLL said the community was 96% leased when the sale was announced.
The $56.75 million consideration provides a current market value for a sizable garden-style apartment asset in northeast Charlotte. The approximately $193,027-per-unit figure is calculated from the disclosed price and unit count and matches the per-unit value reported by Commercial Real Estate Direct.
JLL said the community includes a clubhouse, swimming pool, fitness center, business center, dog park, surface parking and detached garages. The property is near University Research Park, Atrium Health University City and Interstate 485.
Hamilton Point Investments is an Old Lyme, Connecticut-based real estate private-equity company focused on multifamily and other residential properties. JLL said the company and its affiliates have completed more than 160 real estate investments totaling more than 35,000 apartment units, manufactured-housing lots and hotel rooms.
The parties did not disclose acquisition financing, planned capital improvements, staffing changes or changes to rents. The verified business event is the completed ownership transfer and its disclosed valuation.