Buena Vida Apartments – Charlotte, NC

2700 Eastway Drive/1623 Glenn St. is a 126-unit multifamily community situated in the Country Club Heights neighborhood of East Charlotte, North Carolina, built in 1975 and operating as Buena Vida Apartments. The property offers a diverse unit mix of one, two, and three bedroom floor plans, with all utilities currently included in the rental rate. Positioned minutes from Uptown Charlotte, Plaza Midwood, and the NoDa arts district, the asset benefits from immediate access to the city’s core employment base, the LYNX Blue Line light rail, and one of Charlotte’s most active renter demographics.

With an assumable Fannie Mae loan at 4.91% ($7.9M balance), substantial capital improvements already completed by current ownership, 30 vacant units representing immediate occupancy upside, and a clear value-add path through interior renovations and RUBS implementation, the property presents an investor with a well-located, infrastructure-sound asset in a submarket outperforming the broader Charlotte market, at a basis that reflects today’s entry opportunity rather than tomorrow’s stabilized value.

Situated on a massive campus of 6 acres between two parcels, the Buena Vida Apartments offer over 130,000 square feet of true value-add opportunity in one of the fastest-growing markets in the country. Built with an ideal unit mix of 48 one bedroom units, 74 two bedroom units, and 4 three bedroom units, every apartment enjoys park-like views of trees and natural space surrounding the property. Currently 77% occupied, the property has 34 vacant units ready to be upgraded to a new owner’s specifications, immediately capturing much of the remaining upside. Approximately 70 out of 126 units have already been refreshed to some extent, significantly lightening the work required to fully stabilize the asset. Over $1.5M in substantial upgrades have been completed in the last 5 years including replacement of central HVAC with 44 individual unit systems, main sewer lining coated with a 99 year warranty, appliance package replacements, in-unit tile, cabinetry, and property-wide improvements to stairs, concrete, paint, landscaping, and plumbing.