StoneBridge Investments of Washington, D.C., has acquired Magnolia Terrace, a 264-unit rental apartment community in fast-growing Charlotte, N.C., for $40.7 million. The seller was Atlanta-based RADCO Cos.
Built in 1989, Magnolia Terrace is located in the sought-after University City submarket, home to more than 75,000 jobs and the University of North Carolina-Charlotte campus. Its location at 8301 Paces Oaks Blvd.  provides easy connection to I-85, I-485 and the recently extended Lynx Blue Line light rail transit system. With its extensive amenities and close proximity to major employment centers, University City’s population has nearly doubled since 2000.
The second-largest city in the Southeast, Charlotte is home to Bank of America’s headquarters and Wells Fargo’s East Coast Operations Center, making it the country’s second-largest banking center. These two financial giants alone employ some 40,000 people. Charlotte also boasts five Fortune 500 firms: Loweâ
