Middleburg Communities, a Vienna, Virginia-based real estate investment, development and management firm, with joint venture partner, The Mattoni Group, announce the sale of Mosby University City, a 309-unit luxury multifamily apartment community at 404 Gallop Lane in Charlotte, NC, developed by the venture and completed in the 4th quarter of 2021.
“Mosby University City was developed as part of a master plan to bring transit-oriented development to a light-rail adjacent location in the northeast submarket of Charlotte,” said Middleburg Communities Chief Investment Officer, Kory Geans. “We are thrilled with the successful execution of this development by our development, construction and management teams, completing the project on time despite COVID-related challenges and achieving 80%-plus occupancy in less than a year from completion. We couldn’t have had a better partner than Mattoni Group, who provided the equity for this Class A development.”
“We are proud to have participated in the land acquisition, development, construction, lease up and exit of this project with Middleburg. As our first venture in partnership with Middleburg, we could not be more pleased with the success and look forward to continuing to enhance communities in Charlotte and other cities throughout the Southeast," said Ricardo Caporal, Founder and President of Mattoni Group.
About Middleburg Communities
Middleburg Communities is a fully integrated multifamily development, investment, construction and management company operating in the southeastern and mid-Atlantic United States. Since 2004, Middleburg has acquired and developed more than 21,000 apartment units, executing over $3 billion in transactions. The Middleburg team shares a vision for greater value creation through community impact. The firm’s success is rooted in a genuine desire to serve its local communities in thoughtful and holistic ways. Middleburg embraces people, property, and partnerships to enhance the lives of others, contribute positively to its neighborhoods and maximize real returns for partners. For more information, please visit www.MiddleburgCommunities.com.
About Mattoni Group
Founded in 2009, Mattoni Real Estate Group is a private equity real estate investment firm that specializes in placing equity and debt with experienced operating and development partners working transformative projects. The firm built a national reputation for transparency, reliability, flexibility, and velocity in acquiring and financing real assets. Mattoni Group exists to be the bridge between best in class managers/operators and investor capital. They leverage their network, relationships, creativity and education to create amazing spaces for people to live better lives.