Capstone Arranges $19.5 Million Sale of 174-Unit Garden-Style Asset in Charlotte MSA

CHARLOTTE, NC—Capstone Apartment Partners has arranged the $19.5 million sale of Destination at Union: a 174-unit garden-style apartment community in the western Charlotte suburb of Gastonia, North Carolina.

Capstone’s Alex McDermott, Austin Green, and Caleb Troop represented the seller, Read Property Group, who obtained the property in 2015. The buyer, URS Capital Partners, acquired Destination at Union to add to their growing Charlotte-area portfolio. They plan to improve the community amenities and continue offering residents a safe, quiet place to live.

“Destination at Union is the second asset that URS has purchased from Read Property Group this year, thereby resulting in a very smooth transaction from start to finish—regardless of the challenges posed by COVID-19. URS will continue to improve on the impressive groundwork that the Read Property Group and SYNCO management teams established,” said McDermott.

Built in 1998, Destination at Union comprises a mix of one-, two-, and three-bedroom units that were approximately 93.2% occupied at the time of closing. The community’s amenity package includes a swimming pool, fitness center, dog park, and laundry facilities. Each apartment home features a fully equipped kitchen, ceiling fans, washer/dryer connections, and a patio or balcony. Select units also boast cathedral ceilings.

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