Acquisition marks latest addition to Denholtz Properties’ growing North Carolina portfolio
Denholtz Properties announces the acquisition of Vida Apartments, a 289-unit luxury multifamily community in Kannapolis, N.C.
Constructed in 2021, Vida Apartments boasts a diverse mix of studio, one, two and three-bedroom units and a full suite of modern amenities including an expansive atrium with saltwater pool, modern clubhouse and lounge, indoor and outdoor fitness studios, outdoor gaming lawn, bark park, bike storage, package lockers with refrigerated storage and game room. Its meticulously designed apartments feature open floorplans, stainless steel appliances, quartz countertops, USB outlets, full-size in-unit washer and dryers, and nine-foot ceilings. Select units also include oversized balconies and panoramic windows as well as downtown and ballpark views.
Located in downtown Kannapolis, the community is directly above more than18,000 square feet of privately-owned retail leased to a variety of tenants and a diverse range of dining, entertainment and shopping options can be found in the surrounding area. Highlighting the wide range of entertainment options nearby, Atrium Health Ballpark, a $52-million sports and entertainment venue that is home to the minor league affiliate of the Chicago White Sox, The Kannapolis Cannon Ballers, is less than a block away. In addition to a diverse slate of restaurants, parks and other community amenities, the property is within walking distance of the North Carolina Research Campus, a $1 billion, 350-acre life sciences campus occupied by eight university research programs working on the cutting edge of health sciences.
The community also enables residents to easily enjoy all that makes the Charlotte metropolitan area one of the nation’s fastest-growing regions. Located adjacent to the Kannapolis Train Station which offers a 30-minute direct train ride to downtown Charlotte and nearby Interstate 85, Vida Apartments provides residents with premier accessibility to all the region has to offer.
With over 2.8-million people, the Charlotte area is quickly becoming one of the nation’s most in-demand housing markets and leads the southeast in millennial population growth since 2014. The Charlotte area also maintains tremendous job growth with over 425 companies headquartered in the area and a robust financial sector considered to be the second largest in the country. The area’s tech industry is rapidly growing as well and has seen the second highest growth of tech talent in the United States over the last five years.
“The Charlotte market’s combination of favorable business conditions, steady population growth and a high quality of life continue to make us deeply optimistic about its short and long-term growth prospects,” said Stephen Cassidy, President of Denholtz Properties. “This acquisition will enable us to tap into the energy and dynamism that are defining the region as we create an unparalleled value creation opportunity for our investors.”
The acquisition is Denholtz Properties’ second in North Carolina in 2021. The company also recently acquired Interstate Commerce Park, a five-building, 218,570-square-foot industrial park located in Greensboro, N.C., for $12.1 million from CIP Real Estate in September.
JP Josephson, Director of Acquisitions for Denholtz Properties added, “We see the Southeast as a prime area of growth for Denholtz Properties over the next several years. We are confident that our deep experience provides us with the ideal foundation to drive value through strategic real estate investment in the market and we look forward to further augmenting our portfolio in markets like Charlotte and Greensboro.”