The commercial real estate investment platform RealtyMogul has launched a new offering for a multifamily property in Charlotte, North Carolina.
Mission Matthews Place is a 392-unit asset with value-add upside in the highly desirable submarket of Charlotte. With upgrades planned along with a private pool and fitness center, Mission Matthews Place will be a desirable residence in a city that has experienced considerable growth within the past decade.
The property is ripe for value-add. Offering sponsor GVA Real Estate Group plans to invest $3,519,324, including renovations to each of the 392 units with a more comprehensive renovation program planned for 35% of the units.
The upgrades planned include plumbing; lighting; and installation of cabinets, countertops, backsplashes, flooring and stainless steel appliances. The additions to the units pave the way to increase rent to match market competition in an area booming with population and industry.
- Minimum investment: $35,000
- Target IRR: 18.1%
- Target equity Multiple: 2.05x
- Target cash yield: 6.7%
- Target investment term: 5 years
GVA Real Estate Group, the sponsor of the investment, is a full-service, vertically integrated real estate company that focuses on multifamily properties.
The company has funded 233 deals totaling $4.89 billion. GVA manages 24,800 units in 128 properties valued at $3.05 billion. In the Charlotte area, GVA manages nearly 3,500 units. The firm owns 138 properties and manages 25,796 units in Texas, Tennessee, Oklahoma, Colorado and the Carolinas. To date, GVA has sold 70 properties for an average gross IRR of 45.2%.
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Photo: Courtesy of RealtyMogul
