McDowell Properties Acquires Caralea Valley Apartments

Published Date: 12/02/2021

In a joint venture with CREC Real Estate, McDowell Properties has acquired Caralea Valley Apartments in Concord, North Carolina. Built in 1991, the 233-unit complex is conveniently located in the Charlotte-Concord-Gastonia–MSA, 30 minutes north of downtown Charlotte. The property is less than a ten-minute drive from the city’s largest employer, Atrium Health Cabarrus, providing 4,200 jobs to the area and only 12.5 miles from the University of North Carolina at Charlotte, the state’s second largest university. The property is also near Rowan-Cabarrus Community College, Concord-Padgett Regional Airport, Carolina Mall, Vietnam Veteran’s Park, Sysco Charlotte - Wholesale Restaurant Food Supplies, Windshear, Inc., Hydromer, Amazon Sort Center CLT5 and a plethora of restaurants, retail and commercial staples.

Caralea is uniquely positioned with most of the units being two-bedroom townhomes or one-story flats. The business plan consists of upgrading approximately 90% of the unit interiors which are primarily in classic or near classic condition. Additionally, there is upside in adding 124 washer/dryer sets for premiums, increasing the in-place rents to market, improving efficiencies in operating expenses, and enhancing the curb appeal and common area amenities though renovations.

Concord was recently named one of the top 20 safest places to live in North Carolina and it is only one of two cities of its magnitude to make the list. In addition to the city’s vibrancy, closeness to downtown Charlotte and community feel, the city is also home to two of North Carolina’s top attractions NASCAR's Charlotte Motor Speedway and Concord Mills Mall. Major employers in the area include Atrium Health Cabarrus, Amazon, Cabarrus County Schools, S&D Coffee, Speedway Motorsports, and Cabarrus County. Being idyllically located right off of I-85, the location allows for seamless transit to major job centers, downtown Charlotte, as well as neighboring metropolitan areas in Greensboro and Durham.