GrayCo just wrote a very big check to plant its flag in one of Charlotte’s buzziest neighborhoods.
The Richmond-based investor has acquired NoDa Flats, a 273-unit apartment community in the heart of the NoDa arts and entertainment district, from TA Realty. The sale closed in early February at a price of roughly $75 million, bringing another institutional owner into one of the city’s most aggressively courted infill pockets.
According to The Real Deal, GrayCo paid about $75 million, or roughly $275,000 per unit, for NoDa Flats. Multi-Housing News reports the purchase was supported by an acquisition loan of roughly $44 million from TIAA and notes that TA Realty had acquired the asset in 2021. Industry watchers say that pricing lines up with steady demand for stabilized, transit-adjacent multifamily in the Charlotte market.
Property details compiled by CoStar show NoDa Flats at 2509 North Davidson Street, where two four-story buildings sit on roughly three acres. The community offers one- to three-bedroom units ranging from about 585 to 1,810 square feet, plus roughly 4,700 square feet of retail, a clubhouse, fitness center, pool and more than 400 parking spaces. Sources disagree on when the property officially opened: CoStar lists 2020, while other reporting points to completion in 2021.
Why NoDa?
NoDa’s arts-and-nightlife strip has long punched above its weight, drawing renters who want murals, music and breweries within walking distance. That mix, plus a steady stream of independent businesses, keeps the neighborhood near the top of investors’ wish lists.
The community is within walking distance of the 25th Street LYNX Blue Line stop, according to CATS, a transit connection that has helped fuel development along North Davidson Street. Local coverage from WFAE has highlighted revived arts markets and festivals that keep NoDa’s creative identity front and center, which does not exactly hurt when you are marketing apartments a short walk away.
Market context
Charlotte’s apartment investment market has been choosy recently: fewer trades overall, but higher prices when deals actually happen. Yardi Matrix data cited by Multi-Housing News shows the metro logged about $1.9 billion in multifamily sales in 2025, with average per-unit pricing above $200,000. In that light, an amenity-heavy, infill asset like NoDa Flats hitting at around $275,000 per unit is very much on trend.
What this means
Reporting indicates GrayCo’s in-house management arm will take over day-to-day operations at NoDa Flats, which suggests a fairly smooth handoff for current residents. For tenants and neighboring businesses, the deal is another signal that NoDa is firmly on institutional investors’ radar and is likely to stay there.
In practical terms, the sale reinforces Charlotte’s infill story: transit-oriented, amenity-rich pockets like NoDa continue to pull in professionally managed housing and retail, even as the broader investment market stays selective.
