AXA IM Alts, acting on behalf of clients, has acquired Metro 808, a 237-unit multifamily asset in Charlotte, North Carolina, through a joint venture with Hawthorne Residential Partners.
Constructed in 2011, the five-story property comprises a mix of high-quality studio, one, two and three bed apartments, ranging from c. 600 sq ft to 1,500 sq ft.
Located in the highly desirable Plaza Midwood area of Charlotte, the multifamily asset is strategically located just one mile (five minutes’ drive) southeast of the Charlotte CBD.
Andrew Piekarski, Director of U.S. Acquisitions at AXA IM Alts, commented: “This is a rare opportunity to acquire a prime residential property in one of fastest growing and sought-after submarkets in the Southeastern United States, benefitting from its CBD proximity, accessibility, and cultural diversity. Employing a proven renovate-to-core strategy, and in partnership with an experienced operator, there is an opportunity to improve the property’s performance and create long-term value through its transformation.
“AXA IM Alts has built a sizable multifamily portfolio in the U.S. and has been particularly active over the last year. As the residential sector continues to demonstrate its income resilience, and with its appeal further enhanced in a high inflationary environment, we have strong ambitions to significantly grow our exposure in what is one of our global conviction calls, working alongside best-in-class partners.”