Rise Sunridge Apartments
Charlotte, NC
Total
Units
Total Units
200
Hold
Period
Hold Period
60 Months
Purchase
Price
Purchase Price
$31,000,000
Investor Equity Raised
$15,715,786
Annual Rate of Return Target (ARR)
20.00%
Equity Multiple Target
2.0x
Average Cash on Cash Target
5.4%
Property Photos
Investment Overview: Rise Sunridge Apartments
Charlotte, North Carolina
Acquisition & Strategy
Rise Sunridge is a 200-unit multifamily community in Charlotte, NC, acquired in May 2025 in partnership with Rise48 Equity. Built in 1988 and owned by the same family for over 25 years, the property had never undergone interior renovations, creating a rare, full-scale value-add opportunity across 100% of the units—a scenario that has become increasingly scarce in today’s multifamily environment.
The property was secured at a 20%+ discount to peak valuations, with a favorable cost basis of $155,000 per unit. Additionally, all units were delivered with existing washer and dryer hookups, allowing for the immediate installation of appliances and a projected $50–$100 monthly rent premium per unit, with no infrastructure investment required. These factors, coupled with our proven renovation strategy, position the asset for accelerated income growth and long-term value creation with minimal execution risk
Value Creation & Market Dynamics
The repositioning strategy includes upgrading all units to the “Diamond Level” finish used successfully in other Rise48 projects. The in-place average rent of $1,283 is projected to increase to $1,412 post-renovation, representing a $129/unit lift across the portfolio.
Charlotte’s exceptional job and population growth continues to drive demand. With a low cost basis of $155,000 per unit and low leverage at 68.3% LTV, this deal offers strong downside protection and room for future value growth.
Market Analysis
Charlotte is one of the fastest-growing metropolitan areas in the United States, ranking #5 nationally for population growth from 2021 to 2022. The local economy continues to demonstrate exceptional resilience and expansion, underpinned by its diversified employment base. No single employment sector comprises more than 20% of the total workforce, mitigating concentration risk and enhancing the market’s ability to withstand economic cyclicality.
The property’s submarket, Yorkmount, offers immediate access to major demand drivers including Bank of America (16,000+ employees), Wells Fargo’s East Coast Headquarters (27,000+ employees), and Duke Energy (37,000+ employees). These institutional employers create sustained demand for workforce housing and support long-term rental stability. With projected rent growth of 4.2% in 2025 and continued in-migration, the Charlotte MSA remains a highly favorable environment for multifamily investment.
Financial Performance & Forecast
The investment targets a 2.00x equity multiple over a 5-year hold with projected average annual returns of 20.0%. Initial year cash flow is estimated at 3.7%, growing to 9.5% by Year 5. A conservative underwriting approach was used, including an interest rate cap at 4.75% and $1.7M in cash reserves for downside protection.
Key Investment Metrics
- Acquisition Price: $31,000,000
- Equity Raised: $15,715,786
- Average Annual Return (AAR): 20.0%
- Internal Rate of Return (IRR): 15.7%
- Equity Multiple: 2.00x
- Avg. Annual Cash Flow: 5.4%
- Minimum Investment: $100,000
Conclusion
Rise Sunridge exemplifies our ability to source off-market, institutional-quality assets with strong upside and minimal downside risk. By capitalizing on below-market pricing, a clear renovation path, and long-term market tailwinds in Charlotte, this asset is positioned to deliver compelling returns.
This investment underscores Cramlet Capital’s focus on executing fundamentals-driven strategies in high-growth markets alongside best-in-class operating partners.