Charlotte apartment complex sells for nearly $100 million to an out-of-town investor

An Ohio company continues to expand in Charlotte, spending nearly $100 million on its latest apartment complex purchase.

The Connor Group on Thursday acquired the 366-unit Elizabeth Station, formerly Venue, at 2512 Weddington Ave. in the Elizabeth neighborhood, for $99.25 million, according to a company news release.

It’s the third time in less than a year that the Dayton-based real estate investment firm has expanded in the Charlotte market.

In September, The Connor Group more than doubled its footprint in the the Charlotte apartment market in one day by purchasing both Cielo in Montford Park and Greenway at Mallard Creek, formerly Bexley Greenway. Financial details of the transactions were not disclosed.

Elizabeth Station offers upscale living with amenities including a movie theater, resort-style pool and outdoor cooking equipment close to uptown. Studio, one-bedroom or two-bedroom apartments are listed at $1,149 to $1,549 a month on Elizabeth Station’s website.

The firm now operates 1,235 units in Charlotte. Along with the three recent apartment community acquisitions, The Connor Group owns two other apartment complexes in the city: Quarterside Uptown and Southpark Morrison.

Elizabeth Station is the company’s fifth acquisition this year, having closed or placed under agreement more than $1.46 billion in transactions nationwide, according to the company.

The Connor Group also has three apartment communities in the Raleigh-Durham area: Pointe at Chapel Hill, The Reserve at Cary Park and West Village.

With $3.7 billion in assets, The Connor Group owns and operates about 15,000 units at 47 apartment communities in 16 markets nationwide. The company is on track for a record-setting year to surpass $2.5 billion in transactions for the first time in its 30-year history, according to the news release.