Sharon Crossing

Jones Lang LaSalle, a North Carolina licensed real estate broker ("JLL"), has been retained as the exclusive sales representative for Sharon Crossing Apartments ("the Property" or "the Asset"), a 1984-vintage garden-style property featuring 144 apartment units, most of which have not been renovated. The asset's premier location in South Charlotte is within proximity to an extensive mix of restaurants, bars, and shops, and is also just minutes away from the heart of the Quail Hollow neighborhood.

Sharon Crossing units with Classic Finishes have, on average, effective rents that are 55% lower than the Charlotte Area Median Income rent threshold. The majority of Sharon Crossing's unit mix consists of classic units, which presents potential investors with ample opportunity to renovate the units and increase rental rates. This strategy can effectively narrow the gap between Sharon Crossing effective rents and the rents charged by its competitive set.

Current ownership has renovated 19 units with modern finishes, yielding on average a $325 premium. These finishes include quartz countertops, marble backsplashes, stainless steel appliances, new cabinets, LVP flooring, a microwave over the range, and agreeable grey color scheme. Additionally, ownership installed washers and dryers into the newly renovated units. All units already have washer and dryer connections, but currently only 23 units have an in-unit laundry facility.

Sharon Crossing is located in South Charlotte, just west of the prestigious Quail Hollow Country Club and within close proximity to Charlotte's Blue Line light rail. This affluent community has a supply constraint, making Sharon Crossing a valuable asset in a highly desirable area. The property's location offers residents easy access to major employment centers, with most of Charlotte's key business districts reachable within a 20-minute commute. The surrounding neighborhood boasts a wealth of amenities, including upscale shopping centers, fine dining establishments, and recreational facilities, catering to the discerning tastes of its residents. With the ongoing development in South Charlotte and the limited availability of multifamily properties in this submarket, Sharon Crossing presents a unique opportunity for investors to capitalize on the area's strong rental demand and potential for value appreciation. The property's current below-market rents, combined with its prime location, position it favorably for a value-add strategy that could significantly increase rental income and overall asset value.