Loray Mill Lofts (the “Property”) is an adaptive re-use loft building in Gastonia, a bedroom community 30 minutes from Charlotte. Due to lack of supply, Gastonia had the highest rent growth in the Charlotte MSA over the last 10 years (82%) as well as the highest Costar rent growth projections over the next 5 years (16.2% vs 14.6%). Outdated FF&E in common areas, 21,000 SF of vacant commercial space, and a Phase 2 development opportunity for 103 additional units make the Property ideal for a value add repositioning.

Location. Gastonia is a rapidly-growing bedroom community of Charlotte. It has 80,000 residents, a historic downtown (3/4 mile from Loray Mill), and a new minor league baseball stadium (1/2 mile from Loray Mill).