Ginkgo REIT Announces Sale of Weyland Apartments in Charlotte, North Carolina
Ginkgo Residential, a real estate investment firm with a strong track record in multifamily housing across the Southeast, has announced the successful sale of Weyland Apartments, a 200-unit garden-style multifamily community located in the vibrant and rapidly evolving city of Charlotte, North Carolina. The property was sold for $29.3 million, marking a significant milestone for Ginkgo REIT and its investors.
The Weyland Apartments, strategically positioned between the Wilkinson Boulevard and Freedom Drive corridors in Charlotte, offer residents a prime location with exceptional connectivity. This location provides immediate access to several of the city’s most vital employment hubs, including the burgeoning West Charlotte Corridor, the bustling Uptown business district, the trendy and revitalized South End neighborhood, and several key medical centers in close proximity.
Ginkgo Residential originally sponsored the acquisition of the Weyland Apartments in June 2018 for $12.0 million. Following the acquisition, the firm transitioned the asset’s management interest and associated performance fees to Ginkgo REIT, aligning the project with the firm’s broader portfolio strategy. The asset was owned in partnership with Banyan Street Real Estate Funds and a group of sidecar investors. Over the course of several years, Ginkgo and its partners implemented a comprehensive value-add strategy designed to elevate the property’s market position and financial performance.
Key components of this value-enhancement program included significant renovations to interior apartment units, the construction of a modern, resident-focused clubhouse, and a range of operational upgrades aimed at boosting tenant satisfaction and overall efficiency. These improvements were not only aimed at increasing rent potential but also at creating a more welcoming and functional living environment for residents.
Simultaneously, the surrounding FreeMoreWest submarket in Charlotte experienced a wave of capital investment and new development, dramatically reshaping the local real estate landscape. Once considered a relatively underutilized corridor, FreeMoreWest has rapidly become one of Charlotte’s most dynamic and desirable neighborhoods. As new commercial, residential, and infrastructure projects emerged, the area attracted an influx of young professionals and families, pushing demand for quality rental housing upward and contributing to a sustained increase in market rents.
This backdrop of rising demand and controlled supply positioned Weyland Apartments as a highly attractive asset for investors. The successful sale of the property underscores the growing appetite for well-located, high-quality multifamily communities across the Southeastern United States. Charlotte, in particular, continues to distinguish itself from other Sun Belt metros through its relatively balanced supply pipeline and robust fundamentals, including sustained job growth, steady population inflows, and ongoing corporate relocations.
The transaction ultimately delivered strong returns for Ginkgo REIT’s investors, reflecting the effectiveness of the firm’s disciplined, performance-focused investment approach. By identifying high-potential assets, executing thoughtful renovations, and timing exits to coincide with market strength, Ginkgo has cemented its reputation as a capable and forward-thinking operator in the multifamily sector.
In commenting on the transaction, Bill Green, President of Ginkgo REIT and Principal of Ginkgo Residential, emphasized the firm’s commitment to strategic execution and long-term value creation:
“The Carolinas continue to offer a compelling backdrop for multifamily investment, with strong fundamentals including wage growth and population inflows, coupled with moderating new supply,” said Green. “We remain focused on executing our strategy of value creation and timely exits to generate compelling results for our investors. The successful disposition of Weyland Apartments is a testament to our team’s ability to identify opportunity, improve community performance, and deliver on our investment thesis.”
The sale of Weyland Apartments marks Ginkgo REIT’s first property disposition in 2025, signaling a proactive approach to capital recycling and portfolio optimization as the firm navigates the evolving real estate landscape. Proceeds from the sale are expected to be redeployed into new opportunities that align with Ginkgo’s mission to deliver superior risk-adjusted returns through the acquisition, improvement, and management of multifamily assets in high-growth Southeastern markets.
The transaction was brokered by the CBRE Southeast Multifamily Team, with seasoned real estate professionals Kevin Kempf and John Phoenix leading the representation. Their industry knowledge and transactional expertise played a pivotal role in facilitating a successful outcome for all parties involved.
Looking ahead, Ginkgo Residential remains committed to its core strategy of acquiring underperforming or undervalued properties in prime Southeastern markets and executing targeted capital improvement plans that create tangible value for both residents and investors. With a team that blends deep local market knowledge, operational excellence, and financial acumen, Ginkgo continues to build a diversified portfolio that reflects the evolving preferences of renters and the strategic goals of its capital partners.
In addition to its investment performance, Ginkgo Residential places a strong emphasis on community building and resident satisfaction. As part of its ongoing mission, the company is dedicated to enhancing the resident experience through thoughtful design, responsive property management, and community-focused amenities. These efforts contribute to high tenant retention and long-term community stability—hallmarks of sustainable multifamily investment.
The sale of Weyland Apartments is more than just a financial transaction—it is a reflection of Ginkgo’s ability to recognize opportunity, enhance value, and capitalize on market dynamics. As the firm continues to seek out new investments across the Southeast, it remains guided by a clear vision: to create exceptional living environments that deliver lasting value to all stakeholders.
