Core Pacific Advisors, an investment advisory firm and sponsor of 1031 exchange offerings, has fully subscribed the Collective Apartments, a Delaware statutory trust offering comprised of a 250-unit Class A multifamily property located in Charlotte, North Carolina.
The offering launched in late October 2021 and raised $38.4 million from accredited investors. CM Pacific Capital represented the sponsor in its capital raising efforts.
The Collective is comprised of studio, one-, two-, and three-bedroom units and includes a small onsite retail component with a brew pub, market and deli, and nail bar. Amenities at the property include a swimming pool, sound-proof music and podcast lounge, coffee bar, hammock garden and fire pit, fitness studio, and yoga/Pilates space, among others.
The property is situated within NoDa, Charlotte’s arts and entertainment district, and is walking distance to a number of entertainment venues, restaurants, and retail shops.
“We are pleased to continue to offer quality multifamily and commercial real estate to our investors in high-level growth markets and are looking forward to our opportunities ahead in 2022,” said Justin Morehead, chief executive officer of CORE Pacific Advisors.
CORE Pacific Advisors is an investment advisory firm based in Newport Beach, California with experience in commercial real estate and real estate-related investments.