JANUARY 04, 2021
Jeronimo Hirschfeld, President and CEO of One Real Estate Investment (OREI), announced the purchase of The Avalon a 240-unit, 2002 vintage apartment community in Charlotte, North Carolina.
Conveniently located at 6000 Regal Estate Ln, The Avalon is only 7 miles away or a 13-minute drive from Downtown Charlotte.
The Avalon will undergo a light value-add program that will improve the appeal of its buildings and amenities. Improvements include the renovation of the current clubhouse, a refurbished pool, and revamped landscaping. Additionally, OREI plans to implement an interior unit renovation program to modernize each unit by adding granite counters, contemporary cabinets, and new appliances. The complete renovation program will effectively lift the standard of living for all residents in the community.
The deal was brought to OREI by Cushman & Wakefield after a wide nationally marketed process. The Kelston was originally under contract by another group but as negotiations failed, OREI was able to make an offer that included closing in 2020. Ultimately, OREI was selected as the buyer, due to the firm’s reputation, relationship as a repeat buyer from the seller, and the consistent track record of efficient closings even in the COVID-19 era.
“The Avalon is OREI’s third acquisition in Charlotte. The market is positioned for excellent rental growth as it rises in rank as the US’s second most important financial hub with New York losing appeal due to COVID” stated Hirschfeld. “This asset exhibits OREI’s commitment to invest in strategic locations that will generate value for our investors.”