Northland Achieves Milestone Acquisition with Inspire SouthPark in Charlotte
Leading Multifamily owner-operator continues banner year with purchase in one of the Southeast’s most highly sought-after neighborhoods
NEWTON, MA (November 14, 2019) – Northland Investment Corporation today announced the expansion of its North Carolina portfolio with the acquisition of Inspire SouthPark, a 369-unit luxury residential community located in Charlotte’s most affluent submarket of SouthPark. The purchase is one of the largest single asset transactions in the history of North Carolina and the Southeast United States. This marks Northland’s seventh acquisition of 2019.
“Inspire SouthPark is the most thoughtfully developed and highest quality mid-rise apartment community in the Southeast,” said Matthew Gottesdiener, Chief Investment Officer of Northland Investment Corporation. “Inspire’s exceptional asset quality is matched only by its irreplaceable location. SouthPark is a vibrant neighborhood fifteen minutes from downtown Charlotte. A preeminent live, work, play destination, SouthPark is one of the most desirable and affluent communities in the Southeast.”
Inspire SouthPark offers beautifully appointed studio to three-bedroom apartments with high-end finishes and a full suite of best-in-market amenities. Residents can enjoy resort–inspired offerings that include a pool with cabanas, a two-story state-of-the-art fitness center with spin and yoga studios, a wellness center with saunas and massage room, a landscaped courtyard with outdoor dining, social hall that offers beer and coffee, onsite doggy day care, open space, underground parking and more. Each apartment boasts modern chef-inspired kitchens with custom quartz countertops, built-in wine coolers, high ceilings and spacious patios.
SouthPark has undergone significant population growth in the past 20 years and today is a premier Charlotte submarket. Residents are surrounded by more than 2.7 million square feet of high-quality retail, six million square feet of office space, and over 60 food and beverage outlets. Situated for ideal convenience, Inspire SouthPark residents are steps from the Morrison Shopping Center, a popular destination for dining and cocktail options, retail, and entertainment.
2019 has been a year of significant activity and success for Northland despite an incredibly competitive investment climate. The firm has acquired properties in Albuquerque, Tucson, Boynton Beach and Charleston totaling nearly 2,100 units of multifamily housing. Currently, Northland also owns and operates three additional multifamily properties in North Carolina: Randolph Park and River Birch in Charlotte, and Windemere in Raleigh.