CHARLOTTE, NC—Capstone Apartment Partners has brokered the $29.125 million sale of Scarlet Point: a 274-unit apartment community in Charlotte, North Carolina. The 23.96-acre tree-lined community is situated on Springmont Lane off Freedom Drive in West Charlotte—approximately five miles from Uptown.
Capstone’s Ron Corrao sold the property on behalf of TG Real Estate. The buyer, Lucern Capital Partners, plans to continue TG Real Estate’s renovation program and invest several million dollars into interior upgrades and necessary capital improvements to enhance the property and further benefit the residents.
“With the acquisition of Scarlet Point, Lucern Capital Partners continues to build upon their belief that strong tailwinds favor the West Charlotte market and continued sustained growth lies ahead,” said Corrao. “Lucern Capital Partners plans to refresh and renew Scarlet Point so residents can continue to enjoy safe, clean, and desirable housing with management who truly cares about the resident experience.”
Scarlet Point was built in 1974 and was approximately 85% occupied at the time of closing. Originally comprised of two separate adjacent communities, the asset features two swimming pools, two laundry facilities, and a dog park. Scarlet Point’s unit mix includes one- and two-bedroom flat- and townhome-style floorplans. Select apartment homes were recently upgraded with wood-style vinyl flooring, shaker cabinetry, and stainless-steel appliances.
The community is located across Freedom Drive from an incoming affordable housing development site that Capstone brokered to Nashville-based Elmington Capital in October 2020. Upon completion, the development will feature up to 230 garden-style apartments with community amenities including a clubhouse, fitness center, and/or playground. All units will be income restricted for households earning between 30% and 80% of the area median income.