Published Date: 10/22/2020
Addison, TX – McDowell Properties has acquired Quail Valley on Carmel, located in Charlotte, NC, in an off-market transaction in joint venture with RSE Capital Partners, a subsidiary of Fundrise. The complex is less than a 10-mile drive from CBD and is situated on the desirable south side of Charlotte between Quail Hollow Golf Club and Carmel Country Club.
The 232-unit complex, which was built in 1978 and 1979, consists of 22 two-story buildings. The community offers a clubhouse, walking and biking paths, a pet park, and a swimming pool. The property’s unit mix includes four different unit types ranging from one-bedroom units that average 635 square feet to three-bedroom townhomes that average approximately 1,250 square feet.
Quail Valley on Carmel is located in an excellent school district, upscale neighborhood retail is adjacent to the property, and several clusters of big-box retail, shopping and entertainment centers are within the submarket. SouthPark Mall, a 150+ store upscale shopping center, with names like Apple, Burberry, Louis Vuitton, Microsoft, Nordstrom, Tiffany & Co., is a 9-minute drive north of the property. There are several large office buildings, home to high paying jobs, surrounding the mall. Approximately 2.5 miles south of the property is a cluster of smaller office parks, restaurants, and big-box retailers such as Lowe’s Home Improvement, Walmart Neighborhood Market, Home Depot, and Sam’s Club.
There is a significant opportunity to increase value through upgrading the unit interiors, extensively renovating the property’s exterior, enhancing the property’s curb appeal, improving the common area amenities, and providing a more hands-on approach to management.