Inland Real Estate Acquisitions purchases N. Carolina apartments

Business Wire

OAK BROOK - Inland Real Estate Acquisitions facilitated the acquisition of Vanguard Northlake, a newly developed 204-unit multifamily property located in Charlotte, North Carolina.

Terms of the acquisition were not announced.

Vanguard Northlake consists of eight three-story buildings containing 60 one-bedroom, 108 two-bedroom and 36 three-bedroom units. Each unit includes granite countertops, gourmet kitchens, nine-foot ceilings, oversized walk-in closets, a nine-inch television built into the master bathroom mirror, a full-size washer and dryer and a private balcony or patio. The property offers residents a variety of community amenities, including an outdoor saltwater swimming pool, a state-of-the-art fitness center, an outdoor grilling kitchen, a fireside lounge, a sun deck with cabanas, a dog park, bicycle storage and a business center.

Matthew Tice, senior vice president of Inland Real Estate Acquisitions, facilitated the transaction on behalf of an Inland affiliate.

"We are pleased to have closed on this high quality multifamily property ideally located in the Northlake area of Charlotte, which has strong demographics and has experienced substantial growth over the past few years," said Tice. "We were particularly interested in the property due to Inland Real Estate Acquisitions' history of facilitating two shopping center purchases in the Charlotte area, totaling more than 430,000 square feet. Having a previous knowledge and understanding of the Northlake area, combined with the town's recent growth, made this an attractive acquisition."

As of the acquisition date, the property was 95 percent leased.