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MAA buys fire-hit Charlotte apartment complex for $116.3M
The deal values the 239-unit property at nearly $500,000 per unit, and the project has reopened as MAA Liberty Row after reconstruction started in January 2024.
Mid-America Apartment Communities has acquired Modera Liberty Row in Charlotte from Mill Creek Residential for $116.3 million, according to ConnectCRE. The transaction works out to nearly $500,000 per unit.
The apartment community includes 239 units across two buildings at 7740 and 7741 Liberty Row Drive. After the sale, the development was renamed MAA Liberty Row.
ConnectCRE reports that Mill Creek developed the property in partnership with Hawthorne Residential Partners. A major fire destroyed the nearly completed development in May 2023, leaving the burned building demolished to the concrete slab.
Reconstruction began in January 2024, and residents began moving in last summer, the outlet said. Amenities listed for MAA Liberty Row include a pool, fitness center with a yoga studio, multiple clubrooms, elevated courtyards, and coworking spaces.
ConnectCRE notes that the project was originally expected to be delivered in spring 2024 before the fire. The outlet says workers removed the wood frame from the second building due to severe charring on the sides facing the fire.