Ascent Housing has acquired Reserve at Waterford Lakes, a 140-unit garden-style apartment community in Charlotte, North Carolina, for $27.8 million, according to Newmark, which arranged the sale along with $15.9 million in acquisition financing through Freddie Mac.
Seller Eller Capital Partners sold the property, located at 8725 Kody Marie Court, to Ascent Housing, a mission-driven owner focused on preserving naturally occurring affordable housing in Mecklenburg County. The acquisition marks the 10th multifamily asset Newmark has facilitated for Ascent Housing.
Property details
Built in 2008, Reserve at Waterford Lakes offers one- and two-bedroom units with modern kitchens and nine-foot ceilings. Community amenities include a swimming pool, fitness center, resident lounge, business center and outdoor grilling areas.
Newmark’s Jason Kon, Dean Smith, John Heimburger, Sean Wood, John Munroe and Brenna Campbell represented the seller in the transaction, while Josh Davis and Patrick Breed secured the Freddie Mac financing on behalf of the buyer.
What it means
Verified facts: Ascent Housing paid $27.8 million for the 140-unit Charlotte property, financed in part with a $15.9 million Freddie Mac loan arranged by Newmark.
RealtyWire analysis: The deal reflects a broader strategy among mission-driven buyers to acquire older, naturally occurring affordable apartment stock — properties that were never subsidized but remain affordable due to age and amenities — before rising rents or redevelopment push out existing residents. Freddie Mac’s participation signals continued government-sponsored enterprise support for preserving this category of housing amid national affordability pressure.
What to watch: Whether Ascent Housing continues expanding its Charlotte-area portfolio, and whether similar naturally occurring affordable housing acquisitions accelerate as institutional buyers compete for the same properties.
Source: Newmark press release
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