Argosy Real Estate Partners Acquires The Spoke at McCullough Station
We are pleased to announce that Argosy Real Estate Partners has closed on the off-market acquisition of a former nationally-branded, 118-key extended-stay hotel planned for conversion to a 124-unit multifamily property to be named ‘The Spoke at McCullough Station’ in the University City submarket of Charlotte, NC. The transit-oriented property is located on a prime 11-acre site immediately adjacent to the McCullough Station stop on the Lynx Blue Line, which provides direct service to the Charlotte CBD and UNC Charlotte.
The 1990-vintage garden-style community is comprised of three existing buildings that include a mix of studio-, one-, and two-bedroom floorplans. The property’s low-density configuration, kitchens, direct entrances, and existing amenity package position the asset as an ideal candidate for efficient conversion to workforce housing apartments. The asset is being acquired free and clear of all hotel encumbrances and its existing zoning permits residential use. The asset also offers additional upside through the potential development or sale of approximately five acres of excess vacant land which is currently zoned for multifamily development.
Following acquisition, the partnership will immediately commence a capital improvement program and lease-up. The property will be uniquely positioned to capture pent-up workforce housing demand in the submarket, offering potential residents attainable monthly rents, while still providing high quality interior unit finishes, adjacent transit access, and an outsized amenity package which will be comparable to newer-vintage Class A competitors.
The investment was made in an off-market transaction alongside Blaze Partners, a boutique multifamily investment and development firm founded in 2016 and headquartered in Charleston, SC. Targeting growth markets throughout the Southeast, Blaze acquires, owns and operates a portfolio of high-quality multifamily properties on behalf of institutional investors.