CHARLOTTE, NORTH CAROLINA (June 1, 2022) – Element Uptown, a premier 21-story/352-unit multifamily property located at 355 West Martin Luther King Jr. Boulevard in Charlotte, North Carolina, recently exchanged hands at a price of $165 million. Built in 2015, the property is situated on an irreplaceable site in the heart of Charlotte’s CBD with direct access to Romare Bearden Park, 28,000,000 sq. ft. of existing or under construction office space (125,000+ jobs), four professional sports teams, two grocery stores and numerous cultural points of interest. The sale compliments the momentum in an investment market that continues to build after a strong previous year, according to Northmarq’s Charlotte Multifamily Market Report. Sales of multifamily properties in the first quarter of 2022 were ahead of the pace set during the same time in 2021.
Northmarq’s Carolina investment sales team, consisting of Andrea Howard, Allan Lynch, John Currin, Caylor Mark and Jeff Glenn, represents the seller, Childress Klein. Bell Partners, one of the nation’s leading apartment investment and management companies, acquired the asset.
“The sale of Element Uptown represented one of our most competitive marketing campaigns in recent years, underscoring institutional investors’ recognition of a return to office and normalcy, especially in Charlotte’s urban core,” said Howard. “Element Uptown’s timeless architectural and design features, and phenomenal location adjacent Romare Bearden Park and Truist Field, made an extremely compelling investment opportunity. We are pleased to have delivered an outstanding result for our client, Childress Klein, and appreciate their longstanding partnership and trust.”
Element Uptown, and its residents, will benefit from proximity to continued institutional investment in and around Uptown, including Duke Energy Plaza, Gateway Station and the future Atrium-Wake Forest Medical School.