Spruce Properties acquired Evolve at Parkway, a new 300-unit, garden-style multifamily property in Concord, North Carolina, approximately 25 minutes north of downtown Charlotte. Caleb Troop, Thomas Colaiezzi, and Matt Robertson of Berkadia Charlotte led the sale on behalf of the seller, Evolve Companies of Greensboro.Â
Spruce acquired the asset for $68.75 million. Laura Beaton of Berkadia Boston secured a $45 million acquisition loan through Fannie Mae on behalf of Spruce Properties.
The 2023-constructed property is currently 98% leased and provides a significant opportunity for rental growth. Spruce affiliate, New Urban Residential, will manage the property.
Located at 50 Fenway Pl SW, Evolve at Parkway offers luxury one-, two-, and three-bedroom apartments ranging from 776 to 1,411 square feet. Individual apartments offer private balconies and private fenced-in yards in 32 ground-floor units. The community amenities include a saltwater pool, pool house with a fireplace, 24-hour fitness center with spin and yoga room, pet wash and on-site dog park, billiards room, business lounge, grilling pavilion and 42 rentable garages.Â
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