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.
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-Case-Study-Carmel-Park-1 carmel park charlotte north carolina](https://capridgepartners.com/wp-content/uploads/2020/09/CapRidge-Case-Study-Carmel-Park-1.jpg)
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.
![CapRidge-Case-Study-Carmel-Park-2 carmel park charlotte north carolina](https://capridgepartners.com/wp-content/uploads/2020/09/CapRidge-Case-Study-Carmel-Park-2.jpg)