Description

JLL, as exclusive advisor, is pleased to present Reserve at Providence, a 574-unit garden-style multifamily community in South Charlotte, North Carolina.

Set on 58.75 acres along the Providence Road corridor, the community offers a diverse mix of one-, two-, three-, and four-bedroom floorplans across 48 buildings. Built between 1974 and 1986, the Property combines established neighborhood character with a meaningful opportunity for interior renovation.

Reserve at Providence sits in Charlotte's "Wealth Wedge," one of the region's most established and affluent areas. It is about 8 minutes from SouthPark and about 20 minutes from Uptown Charlotte, with close access to major employment, retail, and dining.

The Property also includes additional acreage with redevelopment potential, offering future ownership flexibility in one of the Southeast's strongest growth markets.

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Attributes

Number of units

574

Occupancy

91%

Year built

1980

Building area net

40,777 m²

Land area gross

23.47 ha

Media

Investment Highlights

Institutionally Owned, 574-Unit Garden Community: 1970s and 1980s vintage across 48 buildings on 58.75 acres.
78% of Inventory Remains Classic: 450 classic units are available for renovation. The 124 full renovations achieve $1,431 versus $1,183 for classic, with achieved premiums of $163 (1x1) and $222 (2x2).
Operating Expense Upside: Several expense line items run above market, giving a new owner a straightforward path to higher NOI.
Significant Capital Invested: $8.36MM spent since 2022, focused on interior upgrades, mechanical replacements, and building exteriors.
Bifurcated Land Opportunity: 32.51 acres of redevelopment potential, including a shovel-ready 7.74-acre Phase I and a 24.77-acre Phase II.
Premier South Charlotte Demographics: Within one-mile, average household income is $235,185 (up 173% since 2010) and median home value is $667,297. 36% of households earn $200K or more, versus 18% for the Charlotte MSA.
Strategic Location in the "Wealth Wedge": 8 minutes from SouthPark and about 20 minutes to Uptown, directly on Providence Road (33,000 VPD). Surrounding neighborhoods have median home prices of $1M to $2M.