CHARLOTTE, NC—Capstone Apartment Partners announces it has closed the $62.7 million sale of Garrison Park: a 322-unit apartment community with a full amenity package immediately adjacent to the I-485 loop near Concord Mills in northeast Charlotte, North Carolina.
Capstone sold the property on behalf of the Charlotte-based company, The Spectrum Companies, and procured the all-cash buyer, Lantower Residential, of Dallas, Texas.
The newly constructed Garrison Park was completed this spring and was approximately 45 percent occupied at the time of closing. The property features studio, one-, two- and three-bedroom apartments, including two-bedroom carriage homes.
“The sale of Garrison Park marks the conclusion of a tremendous team effort building among the highest quality suburban apartment communities in the Charlotte market,” said Spectrum’s COO, Steve McClure. “We continue to push ourselves to provide best-in-class communities that residents demand, and it’s through projects like Garrison Park that Spectrum fulfills its mission of changing lives by creating special places.”
Garrison Park is the second newly constructed luxury apartment community that developer Spectrum has sold within the last three weeks, totaling $113 million. In July, the real estate company sold the 274-unit Paxton Point Hope community in Charleston, South Carolina, and recently broke ground on additional multi-family and mixed-use projects in both markets.
The Capstone Apartment Partners transaction team was led by Caleb Troop and Alex McDermott, who also brokered the sale of Paxton Point on behalf of Spectrum.
“We continue to see incredible investment in multi-family communities along the Queen City’s I-485 beltway, thanks to Charlotte’s promising employment prospects and Class A commercial scene,” Troop said. “Garrison Park represents an A+ quality-built community that residents will enjoy for years to come.”
Lantower will manage the property and rename the community Lantower Garrison Park. The property features a full range of amenities including a 4,100-square-foot fitness center and 7,500-square-foot clubhouse and lounge. Residents also enjoy a resort-style saltwater pool, dog park, game room, and outdoor grilling areas.
About The Spectrum Companies
The Spectrum Companies is a commercial real estate firm that changes lives by creating special places. The company owns, develops, leases and manages commercial and multifamily property across the Southeast, with a focus on Charlotte and Raleigh in North Carolina, Charleston and Greenville in South Carolina, and Nashville, Tennessee. Founded in 1982, Spectrum has developed more than 4 million square feet of commercial space and over 4,400 multifamily units. The Company has more than 4.5 million square feet of commercial property under management and over 2,200 multifamily units in a portfolio valued at $2 billion. Spectrum leverages its exceptional people, solid platform, and deep relationships to create quality projects that enrich communities. Learn more at www.spectrumcos.com.
About Capstone Apartment Partners
The goal of Capstone is to help generate, maintain, and increase the value and profitability of our clients’ multi-family investment properties. To do so, we provide comprehensive multi-family advisory services in asset acquisition and development, strategic ownership decisions, market insight and positioning, property value analysis, and disposition brokerage to support our clients in every stage of ownership. This comprehensive multi-family-focused service offering paired with our relentless drive to win on behalf of our clients is what sets us apart from pedestrian brokerage firms. Capstone simply put: Expertise. Experience. Extra-Mile.