Carmel Park

Charlotte, NC

CapRidge Partners transforms a well located class B- neglected property into the best asset in the micro-market.

The Challange

CapRidge acquired these 2 assets in one of the best submarkets of Charlotte, NC in 2015.  With tired finishes, occupancy of 80% and prior absentee ownership, this property offered the chance to complete cosmetic renovations, push rents, finish the lease up to market occupancy, and showcase our hands on customer-focused level of service.

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The Solution

Our investment strategy centered on completing our capital program – with upgrades to the lobby, restrooms, corridors, amenities, outdoor courtyard and elevator cabs – improving the marketability of the property by demolishing/white-boxing existing vacancies and selectively building spec suites, pushing rents, and implementing our hands-on approach to management.

The Outcome

We were able to reposition the assets as the best asset in the micro-market.  Rents were increased 19% and NOI 64% during our 4 year ownership.

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