URS Pays Napali Capital $23M for Charlotte-Area Apartments

URS Capital Partners has injected 176 multifamily units into its Charlotte-area portfolio.

The New York-based firm, led by Christopher Urso, recently paid a little over $23 million for the Residences at Belmont, at 199 Belmont Mount Holly Road in Belmont, about 15 miles west of downtown Charlotte, the Charlotte Business Journal reported. The sale equates to roughly $131,000 per unit.

The seller was an affiliate of Texas-based Napali Capital, which bought the complex for $16.7 million in 2018, when it was called Abbey Court apartments. Berkadia’s Mark Boyce marketed the property on behalf of Napali.

URS Capital is assuming a loan from Fannie Mae as part of the deal. Assumable loans have been particularly attractive among investors, given the high interest rate environment that’s hindered real estate activity throughout much of the nation.

Constructed in phases between 1988 and 1996, the Residences at Belmont are less than a mile from Belmont Abbey College.

“Residences at Belmont has historically been a well-performing asset and will continue to benefit from its strong location and lack of immediate competition in the submarket,” Boyce told the outlet. “We’re seeing an uptick in activity with an emphasis for attractive debt assumptions.”

The acquisition adds to URS Capital’s Charlotte-area portfolio, which includes the Exchange at Rock Hill, a mixed-use project developed in partnership with Charlotte-based Catalyst Capital Partners. The Exchange comprises 229 apartments and over 26,000 square feet of commercial space in downtown Rock Hill.

URS Capital has offloaded multifamily assets in Charlotte and Gastonia, including the 174-unit Destination at Union and 288-unit Nova Ridge, according to the firm’s website. URS has also bought or sold properties in the Nashville area, Atlanta and Cincinnati, among other cities.

—Quinn Donoghue