CHARLOTTE, NC—Capstone Apartment Partners has closed the $7.4 million sale of Cambridge Park and Dewberry Terrace: a 64-unit townhome and cottage-style community. The asset is situated in west Charlotte in one of two federally designated Opportunity Zones within the greater MSA.
Capstone’s Ron Corrao and Caleb Troop sold the property on behalf of Fourcees Investments. The buyer, Three Oaks Management, will continue to build upon Fourcees’ interior and exterior upgrade program.
“Three Oaks Management’s addition of Cambridge Park and Dewberry Terrace adds to their growing presence in the Carolinas as they continue to expand their portfolio. This asset in particular adds to the quality and diversity of product types they offer to prospective tenants looking for safe, quality places to live,” said Corrao.
Cambridge Park and Dewberry Terrace is comprised of 56 townhomes and eight cottage-style units built in 1966 and 1970. Community amenities include an on-site leasing center, picnic area, and basketball court. Select upgraded units boast new cabinetry, granite-style countertops, brushed nickel light fixtures, vinyl wood flooring, ceiling fans, and new appliances. The asset was approximately 95% occupied at the time of closing.