Flats at 2200
2479 Julia Avenue, Charlotte, NC, 28206, US
104 units
Description
Jones Lang LaSalle, a North Carolina licensed real estate broker, has been retained as the exclusive sales representative for WaterWalk, a unique 153-unit extended stay hotel conversion opportunity located at 1525 W Arrowood Road in Charlotte, NC. Built in 2020, this modern extended stay property presents a streamlined conversion opportunity to a high-end multifamily asset without the typical structural complications of hotel conversions.
The property already features full kitchens and in-unit washer/dryer capability in every unit, allowing for a light-touch repositioning focused on high-impact residential upgrades rather than costly structural work. With an estimated conversion cost of $1.65M-$2.75M, the investment strategy includes luxury lobby transformation, electrical/BTU submetering, and converting the industrial laundry into premium resident amenities.
Strategically positioned with direct I-77 access in South Charlotte's established employment corridor, WaterWalk offers acquisition opportunity at a significant discount to replacement cost and recent comparable sales ranging $215K-$250K per unit.
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Attributes
Year built
2020
Building area net
11,361 sm
Media
Investment highlights
- Modern 2020 Construction with Full Kitchens Already in Place
- 153 Units Across 2 Buildings on 5.462 Acres
- Streamlined $10k-$17k Per Unit Conversion Cost
- 40% Discount to Replacement Cost
- 6% Pro Forma Cap Rate on Year 2 NOI
- 100% Eligible for North Carolina Non-Profit Tax Exemption
- Direct I-77 Access in High-Growth South Charlotte Market
Contact brokers
WaterWalk Charlotte (0 Properties)
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Last updated
Feb 24, 2026
