Charlotte developer Proffitt Dixon Partners is leading a mixed-use project in Matthews and appears to have fetched a large sum for one element of it.
Mecklenburg County real estate records show an entity named USCMF Briley LP acquired recently completed apartments at Briley, Proffitt Dixon's mixed-use project, for $120.75 million. The sale closed in mid-October. The first phase of Briley began to deliver earlier this year. Briley is just off Matthews-Mint Hill Road, near its intersection with East Independence Boulevard.
Upon full buildout, Briley is expected to include 570 total residential units, including market-rate and senior apartments, and 150,000 square feet of commercial space, the Charlotte Business Journal previously reported. It is unclear how many apartments were included in the October sale.
Multiple attempts to reach Proffitt Dixon for more information on the sale and future phases of Briley were unsuccessful before deadline.
The buyer of the apartments is affiliated with the U.S. Cities Multifamily Fund, which is under the control of Nuveen Real Estate. Nuveen is a subsidiary of TIAA. The seller of the Briley apartments was Matthews Apartment Owner LP, which documents show is affiliated with Proffitt Dixon.
The Briley development is not Proffitt Dixon's only multifamily activity in Matthews. The developer also delivered Fountain Matthews, a 258-unit project, in the last year. In September, Proffitt Dixon secured the rezoning for a mixed-use project in Cornelius called Caroline.