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CHARLOTTE, NC-Mission Residential remains bullish on the local multifamily market, as evidenced by its sixth apartment community buy in the metro area. In the latest deal, the Oakton, VA-based multifamily investment firm has purchased 392 units from a subsidiary of Transwestern.

Now part of Mission's portfolio, the former Woodway Point will be known as Mission Matthews Place. The 19-building community is located at 2100 Woodway Hills Dr. in Matthews, a Charlotte suburb. A Mission spokesman tells GlobeSt.com that the company declined to reveal the purchase price.

Mission Matthews Place, built in 1994, is 98% occupied. Amenities include a clubhouse, business center, fitness facility, indoor racquetball court, attached parking and covered carports."The Charlotte market has been one of our key target markets since 2004," Christopher C. Finlay, Mission Residential managing principal, says in a statement. "The dynamic economy has fueled excellent population and job growth, and along with limited new apartment supply, provides superior underlying investment fundamentals."

Mission's metro area portfolio also includes Mission Concord Place, Mission Harris Pavilion, Mission Mallard Creek, Mission Reedy Creek, and Mission University Place.

"This deal gives us an even larger footprint in the Charlotte area," adds David Wieland, Mission Residential managing principal. "Our strategy has consistently been to add to our portfolio in a strategic manner to build operational efficiency. Moreover, this acquisition helps us to achieve this in the Charlotte market."

Charlotte ranked No. 33 in Marcus & Millichap's National Apartment Report 2007. According to the report, out-of-state capital was expected to continue to pour into the area because of favorable cap rates. It also stated investor interest was expected to remain strong this year because of long-term revenue growth opportunities.

Instant Insights /

Mission Adds 392 Units to Charlotte Holdings

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