About the Property
The Pines on Wendover is an infill boutique apartment property located next to Charlotte's desirable Eastover and Cotswold neighborhoods.
Originally built in the 1980s, the property includes 44 units situated on 2.7 wooded acres -- a unique setting for a community located in a high-growth area, and less than three miles from Uptown Charlotte. Beauxwright saw the potential when we acquired The Pines on Wendover in 2015. The surrounding area was in the midst of experiencing an influx of investment and redevelopment. The property posed the best of the value-add investment world – superb location, stabilized in-place cash flows, great physical condition, and the intrinsic opportunity for rent growth via utility reimbursement penetration and cosmetic value-add.
As we analyzed comparable communities in the area, we determined that The Pines was primed for a market-supported value-add program with the ability to add a significant increase in annual NOI. The property is among the most recent success stories in our apartment portfolio, and was sold in 2019.