Magma Equities and Franklin Templeton Acquire Charlotte, NC Apartment Community for $79.25 Million
Press Release (ePRNews.com) - MANHATTAN BEACH, Calif. - Jan 06, 2022 - Magma Equities (“Magma”) in joint venture with funds managed by Franklin Templeton has acquired in an off-market transaction, Cameron SouthPark, a 309-unit apartment community in Charlotte, NC for $79.25 million.
Constructed in 1984 and renovated in 2016, Cameron SouthPark’s one- and two-bedroom apartment homes are housed in 26 three-story residential buildings on a low-density 35-acre site. Common area amenities include two resort-style swimming pools, each with an expansive sundeck with grills and outdoor kitchen; a large clubhouse with fitness center; sand volleyball, basketball and tennis courts; and dog park.
The Magma-led joint venture plans to create value through improved management operations and physical improvements that include upgrades to the property’s exterior, common areas and unit interiors.
The property is located at 6316 Forest Lane in SouthPark, one of Charlotte’s most desirable neighborhoods. The property benefits from numerous demand drivers including SouthPark’s highly acclaimed Charlotte-Mecklenburgh School District, numerous outdoor recreational amenities, and retail options including the 1.6 million-square-foot SouthPark Mall, the largest shopping center in North Carolina. In addition to its location within one of the region’s primary employment nodes, the property is less than a 30-minute commute to more than 200,000 jobs in Downtown Charlotte and University City, via Interstate 77 as well as the nearby Tyvola Light Rail Station on the LYNX Blue Line.
For Magma, a national multifamily investment firm with $1.4 billion in assets under management, Cameron SouthPark represents its first investment in Charlotte. The firm’s North Carolina portfolio includes 3,600 units located primarily in Raleigh/Durham.
With its roots in California, Magma continues to grow its multifamily portfolio, particularly throughout the South and Southeast United States focusing on both Class A and value-add Class B garden style communities ranging in size from 150 to 400 units. In the past six months the firm has opened new markets in Charlotte, Dallas TX, and Knoxville, TN acquiring nearly $250 million in assets totaling 1,500 units. To support its growth, the firm recently opened a regional headquarters in Dallas, TX.
“We continue to build an internal infrastructure and sophisticated investor base that has allowed us to pursue larger and more complex multifamily investments like Cameron SouthPark,” said Founder and Managing Principal Ryan Hall. “Our new Dallas office also will help us expand into new markets throughout Texas and the Central U.S.”
“Franklin Templeton looks to buy high quality properties in excellent locations while partnering with best-in-class operators and this fits well within with our strategy,” said Vice President of Acquisitions Tyler Brown. “This was our first acquisition with Magma and hope to do several more deals like Cameron SouthPark with them.”
About Magma Equities
Manhattan Beach, CA-based Magma Equities (http://www.magmaequities.com) is a diversified real estate organization focused on re-positioning Class A & B apartment communities throughout the country. Magma strives to maximize returns for investors while providing residents with homes that are environmentally friendly, efficient, and state-of-the-art. Investment decisions are based on Magma’s successful experience in the past, and more importantly, vision for the future.
