The active adult M&A market has slowed considerably in 2023, as interest rates rose above the typical cap rates for the asset class, but Berkadia just closed a sale for a community in Charlotte, North Carolina. Cody Tremper, Mike Garbers, David Fasano and Ross Sanders led the transaction on behalf of the seller, Evergreen Residential. The deal closed on October 2.
The property opened in fall 2020 and leased up quickly. It helps that the property is located in one of Charlotte’s exclusive master-planned communities near an array of shopping and entertainment opportunities. Community outdoor amenities include a resort-style pool with sun deck, dual manicured courtyards, outdoor grilling stations, an outdoor covered patio, pickleball court, yoga deck, private dog park and courtyard nature paths. The community’s clubhouse features a fitness and wellness studio, community kitchen with self-serve coffee bar, media room, game room and business center.
