Rise48 Equity acquired two Charlotte rental communities, the W Flats Apartments (247 units) and Matthews Pointe Apartments (100 units). Both properties will be rebranded to “Rise Blue Ridge” and “Rise Matthews Pointe,” respectively. 

These acquisitions mark the company’s 52nd and 53rd since 2019 and its first two deals in the Charlotte MSA. Rise48 Equity’s Zach Haptonstall adds, “We’re excited to have entered the North Carolina market with these two new acquisitions. North Carolina has been a market that we’ve been targeting for a while due to its strong fundamentals of population growth, job growth, and strong median income relative to affordable rents.”

Rise48 Equity plans to invest over $7 million in revitalizing W Flats Apartments and Matthews Pointe Apartments. Renovations at both properties will include quartz countertops, kitchen backsplashes, plumbing fixtures, stainless steel appliances, vinyl plank flooring, and updated lighting. Exterior improvements will include paint, a new LED-backlit monument sign, and improved marketing banners. 

Hines U.S. Property Partners (“HUSPP” or the “Fund”), the firm’s U.S. core-plus fund, has acquired Blu South, a build-to-rent (BTR) community located at 920 Blu Central Rd. in Pineville, North Carolina. Serving as Hines’ first BTR acquisition in the U.S., this announcement represents the firm’s confidence in the growing sector and the Charlotte market. The seller is Landmark Properties.

Hines’s Adriana de Alcantara added, “This strategic acquisition expands our alternatives portfolio, capitalizing on a Class A BTR community that supports long-term demographic tailwinds as people look for more space amid a challenging home-buying market.”

Upon completion, Blu South will feature a total of 551 individually platted homes ranging from three- and four-bedroom townhomes, single-family detached houses, and duplexes across 75-plus acres. Of the planned 551 homes, 341 have already been delivered, with the remainder expected to be fully delivered by the third quarter of 2025. 

Industry leaders and power players are connecting at Connect Phoenix Multifamily & Single-Family Build-to-Rent on April 18 at the Westin Kierland Resort & Spa. Don’t miss the expert’s take on where the market is headed, and what changes are on the horizon. Register Now!