LYNX Light Rail: Five Years Later

[vicupstate]

As if on cue...

Crescent Resources has completed a record-high sale in the state for a multifamily property, collecting $74 million or $205,555 per unit for the 360-unit Circle at Sought End and its 8,000 square feet of prime retail space.
CBRE represented Crescent Resources in the sale. Dallas-based Sarofim Realty Advisors was Crescent Resource's equity partner.

Circle at South End opened in May 2009, the first 100 percent smoke-free development in Charlotte. It was accorded LEED Silver certification in 2010. It also was selected for a merit award as Green Project of the Year by Multifamily Executive magazine and won a 2010 recycling competition of Charlotte-based Waste Management Concierge.

"Like all our apartment communities, we started Circle at South End with an irreplaceable location and infused it with high-quality products and green features as well as innovative programming," said Brian Natwick, president of multifamily with Crescent Resources.

Circle at South End sits at the intersection of South Boulevard and Bland Street beside a light-rail station. The units are a mix of studios and one-, two- and three-bedroom floor plans that have been historically 100 percent leased from the day it opened. Amenities include a residents' lounge with billiards, movies and a gourmet kitchen plus poolside grilling stations.

100% occupancy for three years and a statewide record sale price, even in a down economy.  Money talks pretty loudly in this case.

[tufsu1]

and a condo building in Tampa just sold for roughly $165,000 per unit....and guess what, its on the streetcar line!