Blaze Spoke Portfolio_Property for Sale
Blaze Spoke Portfolio_Property for Sale
Charlotte, NC, US, Americas

Blaze Spoke Portfolio

Portfolio description

Jones Lang LaSalle, a North Carolina licensed real estate broker (“JLL”), has been retained as the exclusive sales representative for The Spoke Portfolio which includes Spoke at Tyvola Station and Spoke at McCullough Station (“the Property(ies)” or “the Asset(s)” or “Tyvola” or “McCullough”), 1984 & 1990-vintage workforce housing assets consisting of 240 units between both properties. The assets are both located in close proximity to light rail stations, one in University and the other in LoSo, two of the hottest submarkets in the Charlotte MSA.


Current ownership has invested significant capital into both assets, renovating the individual units, exteriors of the buildings, and their respective clubhouses and amenities. The upgraded interior finishes of the units include vinyl flooring, stainless steel appliances, granite counter-tops, backlit bathroom mirrors, and many other enhancements. The amenities, including the clubhouse, laundry room, sports court, fitness and business centers, were renovated to compete with new Class A product throughout the immediate submarket. With the numerous and holistic upgrades implemented, new ownership will have the ability to solely focus on operational efficiencies and increasing the performance of the assets.


There is also an accretive opportunity to capitalize on the North Carolina non-profit tax exemption. New ownership will have the ability to partner with a non-profit group in their ownership entity, which would entitle the assets for up to a 100% exemption on their property taxes. The tax exemption is based off of the percentage of the rent roll in January that meets the 80% AMI threshold for Mecklenburg County. Currently, over 70% of the units at each asset (including the vacant units) are under the 80% AMI threshold for Mecklenburg County, and in-place rents are also significantly below the 80% AMI max allowable rents, allowing new ownership to capitalize on this lucrative tax exemption while also pushing rents.


The assets’ proximate locations relative to light rail stations, the accretive non-profit tax exemption strategy, and current ownership’s capital investment in the project all make for an unique and lucrative investment opportunity. Ownership will be able to capitalize on tantamount rental demand from the locations, while being able to push rents from the high quality of the renovations and receive an exemption on their taxes through partnering with a non-profit.

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Attributes

Building area net
12,543 sm
Units
240 units
Blaze Spoke Portfolio (2 Properties)
Blaze Spoke Portfolio (2 Properties)

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Investment highlights

  • LUCRATIVE TAX ABATEMENT STRATEGY
  • PROXIMITY TO THE LIGHT RAIL
  • CLEAR PATH OF GROWTH
  • RECENTLY RENOVATED PRODUCT
  • DISCOUNT TO REPLACEMENT COST

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Last updated
May 14, 2024