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CHARLOTTE, NC-Equity Residential Trust has sold a 296-unit garden-style apartment complex in Charlotte to Harbor Group International of Norfolk, VA. HGI paid $12.4 million for the development.

Built in phases in 1980 and 1984, Lake Point consists of 18 two-story residential buildings around a nine-acre lake plus a primary office/clubhouse/fitness center, two swimming pools, and a secondary clubhouse/laundry facility It is located on 13 acres in the East-2 Charlotte submarket, which is primarily characterized as established, built out, and middle income.

Since 1990, HGI has acquired in excess of 7,800 apartment units. The company says it plans on spending an additional $864,000 to upgrade Lake Point in order to implement its strategy, which the company says “combines aggressive management and expense control with enhanced customer service and more-than-ample renovations.”

“This submarket has a great degree of stability, as residents of such areas tend to look to rental housing as opposed to home buying,” said Jordan E. Slone, Chairman and CEO of Harbor Group International. “We think this is a great opportunity to add value to a solid property in a stable market.”

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