Los Angeles-based investment firm Nimes Real Estate has made its debut in the Charlotte real estate market with the acquisition of Mintworth Commons, a build-to-rent (BTR) townhome community in Matthews, North Carolina. The firm paid $24.5 million for the 74-unit property located at 4313 Margaret Wallace Road, with the sale closing in late December.
The transaction was supported by $13.7 million in financing arranged by Newmark, a commercial real estate advisory firm. Ricky Warner, Newmark director, and Henry Stimler, executive managing director, secured the financing through Fannie Mae on behalf of Nimes. The financing package locked in a 5.46% all-in rate, covering all expenses and fees associated with the property, and provides Nimes with full-term, interest-only payments for the duration of the five-year loan.
Nimes’ Expansion Strategy and Market Appeal
Mintworth Commons marks the first local acquisition for Nimes Real Estate, which has focused on acquiring multifamily properties in growing markets in Tier 1 and 2 cities. The firm aims to reposition properties by injecting capital and enhancing management. Nimes’ portfolio currently includes over $1 billion in acquisitions, 7,500 student housing beds, 4,500 multifamily units, and 800 hotel rooms.
According to Warner, build-to-rent properties like Mintworth Commons have become increasingly attractive to commercial investors. As home prices rise and interest rates for single-family homes remain high, the demand for rental options with more space has also surged. This trend has driven interest in BTR developments, particularly in growing markets like Charlotte.
Charlotte’s Build-to-Rent Boom
The Charlotte metro area is seeing a significant rise in build-to-rent communities. As of January 2025, more than 4,150 BTR townhomes and single-family units were under construction across 36 projects, according to commercial real estate firm Berkadia. Additionally, there are about 3,300 stabilized units and 3,200 units currently in the leasing phase. This growth reflects the growing popularity of BTR communities, particularly as they offer tenants a desirable blend of space and rental flexibility in a market where home ownership is becoming more challenging.
With its first property in the Charlotte market, Nimes Real Estate looks set to capitalize on this trend, bringing its expertise in property repositioning and capital investment to further develop the Mintworth Commons community and take advantage of the ongoing demand for build-to-rent properties in the region.
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