Ares Management Corp. closed on the Plaza Midwood property in Charlotte. Ares paid $18.5 million for the 2.5-acre site at 1817 Central Ave. The Charlotte Business Journal reports the company plans to build a multifamily project with 340 units on the property.
Built in the mid-1930s as an elementary school, the building was converted into the Midwood International & Cultural Center in 2013, where nonprofits operated until the center closed several years ago.
Ares has made several local acquisitions in the last 12 months. In November 2024, the firm purchased The Aritzia at LoSo (photo), a 350-unit complex located at 200 E. Cama St. in the Lower South End, for $95.5 million. In December, it closed on the $44.5 million acquisition of two industrial buildings at Airport South Logistics Park.
The post Ares Planning Apartment Venture at Plaza Midwood appeared first on Connect CRE.
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