OREI Acquires 310 units in Charlotte, North Carolina
OREI Acquires 310 units in Charlotte, North Carolina (December 10, 2020)
Jeronimo Hirschfeld, President and CEO of One Real Estate Investment (OREI), announced the purchase of The Kelston Apartments a 310-unit, 1986 vintage apartment community in Charlotte, North Carolina. Conveniently located at 1207 Kelston Pl, The Kelston is only 7 miles away or a 13-minute drive from Downtown Charlotte. OREI plans to modernize The Kelston through a light value-add program which includes a brand-new clubhouse, a revamp of building exteriors, and the addition of new amenities including a pool and a dog park. Additionally, OREI plans to implement an interior unit renovation program to modernize the units by adding granite counters, contemporary cabinets, and new appliances. The complete renovation program will effectively lift the standard of living for all residents in the community. The deal was brought to OREI by Cushman & Wakefield after a wide nationally marketed process. The Kelston was originally under contract by another group but as negotiations failed, OREI was able to make an offer that included closing in 2020. Ultimately, OREI was selected as the buyer, due to the firm’s reputation, relationship as a repeat buyer from the seller, and the consistent track record of efficient closings even in the COVID-19 era. “The Kelston Apartments are an excellent addition to our portfolio. The Kelston provides another opportunity for OREI to demonstrate its expertise in multi-family value-add investing” stated Hirschfeld. “We are excited to continue growing OREI’s presence throughout the South East United States and expanding our footprint in the Charlotte market.” About One Real Estate Investment Founded in 2001, One Real Estate Investment (“OREI”) is a privately owned, Miami-based real estate investment and asset management company. OREI is a disciplined investor, manager, and operator focused on acquiring multifamily assets in the Southeast United States and Texas. The firm’s expertise is in executing and managing a strategic asset repositioning, amenity upgrade, and operational optimization programs to maximize value for its tenants, investors, and communities in which it invests. The firm’s deals are capitalized by proprietary funds and programmatic relationships with institutional, family office, and ultra-high-net-worth capital partners. OREI has over 5,000 units under management nationally and has acquired and sold over 10,000 valueadd multifamily units since its inception.