CBRE Investment Management Fund Acquires Class A Residential Property in Charlotte, North Carolina
February 1, 2023
CBRE Investment Management, on behalf of a separate account client, has acquired Madison Place, a 226-unit residential property located at 3125 Furr Court in Charlotte, North Carolina.
Madison Place is a newly constructed, Class A, garden-style apartment community that includes one-, two- and three-bedroom units which feature stainless steel appliances, quartz countertops, two-tone cabinetry, designer lighting, soaking tubs, in-unit washers and dryers, private patios/balconies and walk-in closets. Residents also have access to various community amenities including a saltwater pool with a tanning deck, a state-of-the-art fitness studio, clubroom, pet grooming spa, outdoor kitchen, grilling areas and a fire pit.
“With lower living and business costs, robust infrastructure investment and diversity of talent, Charlotte should continue to attract businesses and people,” said Steve Gullo, Head of Residential, CBRE Investment Management. “This acquisition represented an opportunity to invest in a high-quality, modern multifamily asset situated in a market with strong, resilient economic and demographic fundamentals. We believe that Madison Place’s high-quality finishes and close proximity to retail, recreation and lifestyle amenities will offer long-term value for both the residents and our client.”
Madison Place is located within Berewick, a 1,070-acre master-planned community in Charlotte, with convenient access to the I-485 and I-77 interchange providing residents with easy access to Charlotte’s central business, retail and entertainment districts.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $143.9 billion in assets under management* as of September 30, 2022, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2021 revenue). CBRE has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.