Northmarq’s Charlotte office completes $9.7M sale of hotel-to-multifamily luxury conversion

CHARLOTTE, N.C. — Ron Corrao, Eric Liebich, Matt Weinstein and Dane Lozier of Northmarq’s Charlotte, North Carolina office brokered the $9.7 million sale of Flats at 87Ten, a newly converted Class A multifamily community located in the heart of Charlotte’s University City submarket.

Northmarq represented the seller, Lucern Capital Partners, and procured the buyer, Vertex Investments.

“We’re pleased to have facilitated the successful sale of Flats at 87Ten, bringing together Lucern Capital Partners and Vertex Investments,” said Corrao. “This recently converted and stabilized hotel-to-multifamily luxury conversion reflects a creative approach to repositioning and is one of the few hotel-to-multifamily conversations to have traded in the Charlotte market.”

“Located in Charlotte’s University City submarket — an area defined by strong access to major employers and sustained growth — the property is well positioned for long-term success,” Weinstein added. “We’re grateful for the opportunity to support our client in bringing this project full circle.”

Originally constructed in 2000 as a TownePlace Suites extended stay hotel, the property was fully redeveloped in 2023 into a boutique-style luxury apartment community. The transformation included full interior renovations and significant exterior upgrades, delivering modern finishes, upscale amenities, and a close-knit living experience — all at a value-driven price point relative to submarkets such as Uptown, South End, and SouthPark.

Strategically located within Charlotte’s second-largest employment hub, Flats at 87Ten offers 96 thoughtfully designed units featuring stainless steel appliances, granite countertops, white shaker cabinetry, subway tile backsplashes, hardwood-style flooring, upgraded lighting and new bathroom vanities. Residents also benefit from an amenity package typically found in larger, urban properties.