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AXA IM Alts, a global leader in alternative investments with c. €183 billion of assets under management [1], acting on behalf of clients, has acquired Metro 808, a 237-unit multifamily asset in Charlotte, North Carolina. The asset is being acquired through a joint venture with Hawthorne Residential Partners, a vertically integrated multifamily investment, management and development firm with a focus on the Southeastern United States.
Constructed in 2011, the five-story property comprises a mix of high-quality studio, one, two and three bed apartments, ranging from c. 600 sq ft to 1,500 sq ft. It features upscale finishes including wood style plank flooring, walk-in closets and granite countertops, as well as nine foot plus ceiling heights. Residents benefit from a range of on-site amenities including a resort style saltwater pool, fitness and business centres, games room, outdoor fire pit and TV lounge, bike racks, electric vehicle chargers and a package locker system. In line with its refurbishment-to-core strategy, AXA IM Alts and Hawthorne Residential Partners will implement a capex program to enhance the exterior, common areas and amenity offerings.
Located in the highly desirable Plaza Midwood area of Charlotte, the property is strategically located just one mile (five minutes’ drive) southeast of the Charlotte CBD. The predominantly residential neighbourhood is consistently ranked as one of the best places to live in Charlotte and features a diverse mix of popular boutique and nationally recognised retailers, restaurants and art galleries and is especially popular with young families and professionals. Colloquially known as the “stroll zone” due to its renowned walkability, Plaza Midwood also benefits from being nestled alongside Central Avenue. Reflecting the submarket’s growing popularity, average residential rents are forecast to outperform the broader market over the long-term[2].
This acquisition forms part of AXA IM Alts’ wider long-term strategy to invest into residential asset classes which it believes are supported by strong demographic drivers. AXA IM Alts has a c. $29 billion (€26 billion) global portfolio of residential assets under management spread across 15 countries[3].
1 Source: AXA IM unaudited data as of 31 December 2021
2 Source: RealPage Market Analytics, Q4 2021
3 Source: AXA IM Alts unaudited data as of 31 December 2021
Source : Company