Pavilion Village Sells for $56.75M in University City

Hamilton Point Investments acquired Pavilion Village, a 294-unit community at 131 Gracyn Olivia Dr in University City, for $56.75 million, or roughly $193,027 per unit. Pearlmark and BCAP Properties sold the asset. JLL Capital Markets represented the seller and procured the buyer.

Built in 2015, the property has 13 three-story buildings on 26 acres along North Tryon Street in the Northeast Charlotte submarket. It was 96% leased at sale. One-, two-, and three-bedroom units average 910 square feet. Pavilion Village, LLC developed the project; Watts Leaf Architecture designed it.

Amenities include a clubhouse, resort-style pool, fitness center, business center, dog park and wash, car wash, walking trail, outdoor kitchen, and private balconies. Pearlmark paid $44 million for the asset in 2019.

The property sits near University Research Park, Atrium Health University City, and I-485. The deal is Hamilton Point's first Charlotte-area acquisition in nearly a decade.