Greys Harbor at Lake Norman is a 312-unit, Core-Plus multifamily community located in the Huntersville submarket of Charlotte, North Carolina. Developed in 1997 and professionally owned since completion, the three-story garden-style property features 9-foot ceilings, detached garages, and a fully refreshed amenity package set across 21.36 acres in one of Charlotte’s most sought-after suburbs.
Greys Harbor is held within APTA 37P Fund I, a multifamily fund co-managed by Apta Investment Group and 37th Parallel Properties. The property was acquired in October 2023 through agency financing structured with a fixed rate and full-term interest only payments, providing interest rate stability and downside protection across the hold period. 37th Parallel Properties serves as the operating partner, bringing institutional asset management discipline to day-to-day operations.
The Huntersville submarket carries the lowest vacancy rate of any submarket in the Charlotte MSA. Local opposition to new development and limited available land have created significant barriers to entry, constraining new supply while demand continues to grow. The median household income within the immediate area is $112,000, with more than 69% of the neighborhood population holding a bachelor’s degree or higher, supporting sustained rental demand across the hold period.
The business plan is actively being executed. Capital improvements completed in 2024 include a fitness center equipment upgrade, a full exterior LED lighting retrofit across the property, and infrastructure improvements to the maintenance facility. A leasing office renovation is planned for the second quarter of 2025. The operating team is focused on completing the interior renovation program, optimizing revenue management, and improving retention to drive NOI growth through the remainder of the hold period.
Multifamily investments offered through our strategic partnership with 37th Parallel Properties.
