HIGH POINT, NC—Capstone Apartment Partners has closed the $17,550,000 sale of Ambassador Court: a 192-unit garden-style apartment community in High Point, North Carolina. Situated on 16.23 acres, the asset is located just off Interstate 74 near Oak Hollow Lake.
The Capstone transaction team was led by Alex McDermott, Caleb Troop, Rhodes Marley, and Austin Green. The seller, Greystone Capital, completed $1 million worth of upgrades to the community since 2018, including a new playground, tennis court, fully renovated clubhouse and leasing office, new roofing, and updated landscaping. The buyer, QPG Multifamily, will continue to build upon Greystone’s successful value-add initiative and maintain the recent high-end upgrades to the community’s amenities.
“Ambassador Court offers an incredible opportunity for future organic growth, as well as a prime platform for value-add initiatives,” said McDermott. “High Point continues to benefit from the mass in-migration due to the pandemic with easy access to Greensboro and Winston-Salem.”
Ambassador Court was built in 1984 and was approximately 97% occupied at the time of closing. The asset’s unit mix is comprised of one-, two, and three-bedroom units in 24 two-story apartment buildings. Upgraded units at the property feature white shaker cabinetry, wood-style flooring, black appliances, brushed nickel hardware and fixtures, and granite bathroom vanities. Select units also boast wood-burning fireplaces, W/D connections, walk-in closets, and ceiling fans. Ambassador Court’s community amenities include a swimming pool, playground, tennis court, community garden, renovated clubhouse, and laundry facilities.