TA Realty Exits Charlotte With Sale of Apartments for $75M

TA Realty is decamping from Charlotte, selling its 273-unit NoDa Flats apartment complex to Richmond, Virginia-based GrayCo for $75 million.

The sale marks a near break-even exit for the Boston-based investment manager. TA Realty bought the property in 2021 from Bainbridge Companies for $74.2 million, or roughly $272,000 per unit, according to Yardi Matrix Information.

TIAA provided a $44 million acquisition loan to back GrayCo’s purchase, Multi-Housing News first reported. The sale to GrayCo was about $275,000 per unit.

NoDa Flats was completed in 2021 and spans two four-story buildings on a roughly 3-acre site at 2509 North Davidson Street. The property includes one- to three-bedroom units ranging from 585 square feet to 1,810 square feet, along with a slate of amenities that include a clubhouse, a fitness center, swimming pool and more than 400 parking spaces. The complex also includes about 4,700 square feet of retail space. GrayCo’s in-house management arm will oversee operations, the outlet reported.

The property sits in the NoDa neighborhood, about two miles east of Charlotte’s central train station and less than three miles from downtown.

Charlotte’s multifamily investment market has remained active, but selective. In 2025, the metro logged $1.9 billion in apartment sales across 49 deals, with an average price of about $209,000 per unit, according to Yardi Matrix, with a total volume of 10,325 units trading at that rate. Volume was down about 17 percent last year from 2024, but reflected rising per-unit pricing as investors focused on newer, higher-performing projects. In 2024, the Charlotte market saw $2.3 billion in sales, with 69 properties —totaling 12,643 units — trading for an average per-unit price of $184,931.

Despite the year-over-year drop in the total number of deals, the almost 13 percent rise in the average per-unit price might reflect selective investor behavior and a shift toward higher-performing projects, according to the outlet.

The deal follows another recent North Carolina exit for TA Realty. Last month, the firm sold The Maggie, a 244-unit multifamily property in Raleigh, to Tishman Speyer, a transaction that marked the New York-based investor’s first multifamily purchase in the metro.

— Eric Weilbacher