GASTONIA, NC—Capstone Apartment Partners announces the $58.5 million sale of Ashbrook Village: a townhome-style apartment community in Gastonia, North Carolina. The buyer is Austin-based GVA Property Management, who plans to continue and enhance the previous owner’s value-add program by updating unit interiors while keeping rents attainable.
Capstone’s Austin Green, Alex McDermott, Caleb Troop, and Rhodes Marley sold Ashbrook Village on behalf of New York-based Gindi Equities, who acquired the property in 2020. The same brokerage team facilitated the 2020 sale of the asset between Southwood Realty, the original owner and operator, and Gindi Equities.
“Ashbrook Village offers an incredible opportunity for future organic growth, as well as a prime platform for value-add initiatives,” said Green. “Gastonia continues to benefit from the mass in-migration due to the pandemic with easy access to Charlotte and the burgeoning I-85 corridor in Gaston County.”
Ashbrook Village was originally developed in two phases beginning in 1985. The community is comprised of 423 one- and two-bedroom townhome-style floorplans with an average size of 754 square feet. Select units were renovated between 2020 and 2021 to include wood-style flooring, white cabinetry, granite vanities, new carpeting, new appliances, and new lighting and plumbing fixtures.
The property’s amenity package features a saltwater swimming pool, leasing office, clubhouse, and two on-site laundry facilities, as well as ample green space to add additional amenities in the future. Ashbrook Village was approximately 95% occupied at the time of closing.