CHARLOTTE, NC—Capstone Apartment Partners has arranged the $10,400,000 sale of Woodland Park: a 128-unit apartment community located in Charlotte’s Windsor Park neighborhood.
Capstone’s Ron Corrao represented the buyer, who plans to invest a substantial amount of capital to upgrade unit interiors, cure deferred maintenance, and bring down amenities back online. With other holdings in proximity, the buyer recognized the strong demand for clean, safe, and affordable housing for renters in this market. With an implementation of the proposed capital plan, Woodland Park will more effectively compete with other renovated rental competitors north of Plaza Midwood.
Said Corrao, “The buyer is an experienced owner-operator of similar assets with a track record of turning around underperforming properties and returning them to stabilization with substantially higher levels of resident satisfaction.”
Built in 1971, Woodland Park consists of one- and two-bedroom apartment homes and was approximately 78% occupied at the time of closing. The community is gated and features a generous amenity package with a swimming pool, clubhouse, playground, picnic/grilling area, and laundry facilities. Each apartment home features hardwood-style floors, ceiling fans, and a fully equipped kitchen with tile backsplash and a double basin stainless-steel sink.