Cushman & Wakefield announced the commercial real estate services firm has arranged the sale of Mosby University City, a 309-unit apartment community located in Charlotte, North Carolina.
Marc Robinson, Michael Saclarides and Robert Stickel of Cushman & Wakefield represented the seller, Middleburg Communities, in the transaction. A New York City-based real estate investment company acquired the property, which has been renamed Metro University City.
“The property is ideally situated with direct access to the LYNX’s Blue Line and Interstate 85 in University City’s thriving employment, retail, and entertainment corridor,” Robinson said. “Mosby University City demonstrated impressive leasing velocity throughout the pandemic and is well positioned for continued growth under new ownership’s guidance.”
The University City submarket is one of Charlotte’s largest employment centers, featuring the University of North Carolina at Charlotte. Built in 2021, Mosby University City’s amenities include a clubhouse with WiFi, dog park, pet spa, outdoor kitchen with grilling areas, LYNX waiting lounge, fully equipped fitness center with yoga room, saltwater pool, LUXER locker system, and garages.
“Tenant demand in the University submarket is robust and leasing velocity has been strong, allowing developers to stabilize new developments in record time,” Saclarides added.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on over 250 transactions and $6.2 billion in multifamily and land investment sales in 2020 (Source: Real Capital Analytics). Market share reflects number of sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.