In the last couple of years, Tishman Speyer has been aggressively adding to its residential portfolio.
The New York City-based real estate developer and investment manager has bought 11 residential properties, encompassing more than 3,000 units, in two countries and nine states since 2023, according to a press release shared with Multifamily Dive. It has also commenced or completed construction on approximately 4,100 apartments and has an additional 8,000 units in its development pipeline.
Earlier this week, Tishman continued its buying spree, adding the 296-unit Berkshire Dilworth in Charlotte, North Carolina, from Berkshire Residential. The property, which was completed in 2016 and is currently 97% leased, features apartments ranging from studios to two bedrooms, per the release. Those units sit above 3,000 square feet of street-level retail.
The Berkshire Dilworth acquisition was the seventh addition by Tishman Speyer’s TS Plus fund, which focuses on core-plus investments in fast-growing metropolitan areas with strong long-term fundamentals. In January, the firm purchased The Maggie, a 244-unit apartment community in Raleigh, North Carolina, through the vehicle.
The TS Plus fund, which has raised $973 million to date, has acquired industrial properties in Northern California and South Florida and residential communities in Chicago, Dallas, Raleigh and Montclair, New Jersey, per the release.
Berkshire Dilworth’s amenities include a fitness center, outdoor pool, rooftop lounge, yoga room and private pet spa. Tishman Speyer plans to renovate the property’s amenity spaces and exterior, in addition to making interior upgrades within individual apartments, per the release.
The property sits in Charlotte’s popular Midtown-Dilworth district and offers convenient access to Midtown, South End and Uptown Charlotte. It is adjacent to Atrium Health's flagship Carolinas Medical Center and The Pearl Innovation District, a $1.5 billion healthcare and life sciences campus.
“The quality of Berkshire Dilworth, combined with Charlotte’s strong demographics and the neighborhood’s high barriers to entry, made this asset a compelling addition to our core plus fund,” said Tishman Speyer Senior Managing Director Nikita Rao in the press release.
The broader Charlotte market has dealt with a high number of apartment deliveries over the past few years, which has impacted rental rates in the city. For instance, in April, Charlotte was one of several cities that saw rents fall on a monthly and annual basis, according to Yardi Matrix.
However, Stephanie Garris, director and head of North Carolina at Arqline, told Multifamily Dive earlier this year that several Charlotte-area submarkets have started to stabilize.
“Areas like South End, LoSo, and Uptown Charlotte are seeing stronger leasing velocity as young professionals continue returning to amenity-driven urban communities,” Garris said. “Many stabilized assets have already reduced incentives from roughly 8-10 weeks free down to about 4-6 weeks.”
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