Berkadia Completes $76M Sale of Multifamily Property in Charlotte Suburbs
CHARLOTTE, N.C. and CHARLESTON, S.C. – May 8, 2023 – Berkadia announced today the sale of The Indigo at Cross Creek, a 303-unit garden-style multifamily property located in Indian Land, South Carolina. Managing Director Caleb Troop and Director Thomas Colaiezzi of Berkadia Charlotte and Managing Director Mark Boyce and Senior Director Blake Coffey of Berkadia Charleston completed the $76 million sale on behalf of the seller, North Carolina-based Taft Development Group (Greenville) and UHF Development (New Bern). The buyer was Tampa, Florida-based Argyle Real Estate Partners, and the deal closed on May 4. As part of the transaction, Argyle assumed a Fannie Mae loan.
“This asset was one of the earlier communities to deliver in the rapidly expanding Indian Land submarket just across the state line and has performed extremely well over the last few years,” said Troop.
Located at 2001 Cramer Circle, Indigo at Cross Creek features one-, two- and three-bedroom floor plans averaging 1,134 square feet, with in-unit washers and dryers, stainless steel appliances, nine-foot ceilings, granite countertops, and private balconies. Community amenities include a saltwater resort-style pool, a one-mile walking trail, cabanas with outdoor fire pits, a sundeck, grilling stations, a business lounge with flat-screen televisions, a fitness center, a yoga studio, a clubhouse, a bocce ball court, and a dog park. The property affords residents convenient access to Carolina Lakes Golf Club, Walnut Creek Park, and the shops and restaurants along Charlotte Highway.