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Bain Capital Real Estate and Magnolia Capital Acquire Multifamily Apartment Community in Charlotte

September 30, 2021

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Bain Capital Real Estate and Magnolia Capital Acquire Multifamily Apartment Community in Charlotte

Photo Credit: SkySiteImages

BOSTON and CHICAGO, September 30, 2021- Bain Capital Real Estate and Magnolia Capital today announced the acquisition of Highlands at Alexander Pointe, a garden-style and townhome multifamily apartment community located in the Charlotte, North Carolina metro area.

Highlands at Alexander Pointe consists of 309 units totaling 359,120 square-feet, and is conveniently located in the University City submarket of Charlotte, the metro’s second largest employment hub. The area is home to regional offices for more than twenty Fortune 500 companies and over 75,000 employees. The asset is proximate to the LYNX Blue Line light rail and the I-85 and I-485 interchanges providing easy access to Uptown Charlotte as well as the surrounding area’s shopping, restaurants, and entertainment attractions. The community was built in 2002 and is currently 97% occupied.

The units feature open and spacious layouts in a diverse range of floor plans, all with private, ground floor entryways and nine-foot ceilings. Furthermore, 80% of units have direct-access garages and 29% of units are 2-bedroom townhome floorplans, features that differentiate the property from its competitive set. The community also has resort-style amenities available to all residents, including a clubhouse, swimming pool, 24-hour fitness center, and an onsite dog park.

“As one of the fastest growing metropolitan areas in the country, Charlotte is a high conviction market for us due to its strong fundamentals, highlighted by an abundance of top-tier employers,” said Kavindi Wickremage, a Managing Director at Bain Capital Real Estate. “We believe Highlands at Alexander Pointe is well-positioned to benefit from our strategic value-add approach, and we look forward to partnering with Magnolia Capital to strengthen and improve the community.”

“We are excited to acquire Highlands at Alexander Pointe which very much represents our strategy of investing in well located assets with unique physical attributes,” added Maxwell Peek, CEO & Managing Principal of Magnolia Capital. “We look forward to executing our business plan, and look forward to the continued growth of our partnership with the team at Bain Capital Real Estate.”

Bain Capital Real Estate and Magnolia Capital formed a joint venture in November 2020 to acquire, renovate and operate value-added multifamily housing, with an initial focus on compelling Sunbelt markets. The joint venture focuses on executing capital upgrades to unit interiors, building exteriors and amenity spaces, and improving property operations through proactive asset and property management strategies.

About Bain Capital Real Estate

Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested over $5.2 billion of equity as of March 31, 2021 in over 475 assets across multiple sectors. Bain Capital Real Estate focuses on small to mid-sized assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm’s global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities. For more information, visit https://www.baincapital.com/businesses/real-estate.

About Magnolia Capital Group

Magnolia Capital is a vertically integrated real estate investment firm focused on identifying and creating value within the rental housing investment space. The company’s founding principals have a distinctive blend of institutional real estate investment experience combined with a deep knowledge of technology and operational efficiencies. Magnolia Capital has been involved in over $2.4 billion of multifamily and single-family real estate investments, representing 7,200+ units in 15+ markets across the United States. Magnolia Capital’s multifamily property management affiliate, STYL Residential, currently manages 14 assets representing 4,100+ units in 9 markets. For more information please visit www.magnoliacap.com.