We are happy to have finally closed on The Northside Townhomes in North Carolina. RYDON Asset Management completed this deal as a Tenants in Common style Joint Venture with our good friend, now business partner Mark Langdon of Langdon Properties LLC.
Why We Think its a Good Deal.
This asset is located in a tertiary market of Charlotte North Carolina. The area is expecting to bring in 8,000 more jobs by 2035 as well as invest $500M in community development.
The property itself has very little deferred maintenance. The previous owner had new asphalt shingles installed on all of the buildings within the past 3 years and completed modest upgrades throughout. Although the apartments are nice there is plenty of meat on the bone for us to maximize rents and increase cash flow. We purchased this deal at an 8+ cap rate, a great find in this part of the market cycle with good numbers throughout. Through careful and conservative analysis we realized that we would be able to exceed all of our minimum numbers in order for this to be a property worth pursuing and an opportunity worth capitalizing on.
If you have any questions about this property or any others feel free to contact for Don Sarka, Ryan Sarka or Mark Langdon through the Contact Us section of our website or email.
Don Sarka: Don@RydonAssetManagement.com
Ryan Sarka: Ryan@RydonAssetManagement.com
Mark Langdon: Mark@LangdonProperties.net
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