Northland Acquires Thornberry Apartments in Charlotte, NC
Premier multifamily owner-operator grows footprint in Charlotte with a new 288-unit community
CHARLOTTE, NC – Northland, a leading real estate private equity firm, is excited to announce its latest acquisition, Thornberry Apartments, a 288-unit, three-story, garden-style community constructed in 2000. This acquisition marks Northland’s third asset in Charlotte, further reinforcing the firm’s long-term commitment to investing in North Carolina.
Thornberry offers a mix of 116 one-bedroom, 148 two-bedroom, and 24 three-bedroom apartments. Each unit has 9-foot ceilings, full-size washers and dryers, and private balconies or patios. Notably, 50% of the units have undergone extensive renovations including stainless steel appliances, granite countertops, white cabinets with brushed nickel hardware, and vinyl wood plank flooring in common spaces. The property offers an array of amenities, including a gated entry, clubhouse, pool and spa, tennis court, playground, and various parking options.
“Northland has been a proud owner and operator in Charlotte for thirty years and we are excited for the opportunity to add Thornberry to the portfolio. We plan to improve the property, building upon the previous owners’ unit renovations, and enhance the resident experience with new amenities,” says Bruno Setteducati, Northland’s Director of Investments. Northland intends to implement valet trash, SmartRent technology including smart thermostats, keyless entry pads, and water detection sensors, and site-wide amenity improvements including adding a dog park, package room, bocce ball court, and grill station.
Thornberry, situated in the University City submarket, benefits from its proximity to University Research Park, a prominent employment hub that includes major Fortune 500 companies. Additionally, being 1.2 miles from The University of North Carolina at Charlotte, the city’s largest institution of higher education, further enhances the community’s appeal.
Thornberry will complement Northland’s two existing properties in Charlotte; Inspire SouthPark, a class-A luxury midrise in SouthPark, and Randolph Park, a community in the Providence Park submarket, offering residents a variety of rental options.