Blaze Capital sells Charlotte build-to-rent community at its 2022 basis

Blaze Capital Partners sold Charleston Row Townhomes, a build-to-rent community in Pineville, North Carolina. The property has 107 units. It changed hands for $32 million. That is exactly what Blaze and Argosy Real Estate Partners paid in July 2022.

At the close, the asset was 98 percent occupied, according to the announcement. Berkadia's Caleb Troop, Thomas Colaiezzi, Matt Robertson and Drew Kwiatkowski led the sale for Blaze. The buyer was not disclosed. At the sale price, each unit works out to roughly $299,000.

Charleston Row was built in 1969 and sits in Pineville, in the South Charlotte corridor that the announcement describes as employment-rich and amenity-driven. The two- and three-bedroom floor plans start at 1,162 square feet. The largest units push beyond 1,700. Rents begin at $1,725 a month. At the top, they reach $2,675.

Recent PWD reporting found apartment cap rates rising in all nine census divisions even where cash flow kept growing. Multifamily investors are turning cautious about the second half, though they still plan to buy. At Charleston Row, occupancy held at 98 percent. Income held, and the nominal price matched the 2022 basis.

At $32 million, the deal is small by market standards. But it carries a clean prior basis: a July 2022 trade at the same price, made before capital costs reset values across private real estate. For build-to-rent owners deciding whether to sell or refinance, that prior print is a working baseline.

That flat print points to a clearing price for stabilized build-to-rent income in the Charlotte area, at least between this buyer and seller. The buyer is unnamed, and no cap rate was disclosed, so the new owner's yield against current rents is unconfirmed. The one hard fact is that the asset changed hands at exactly its 2022 price.