CHARLOTTE, NC—Capstone Apartment Partners has brokered the sale of Gateway at Rock Hill: a 312-unit garden-style apartment community in the growing Charlotte suburb of Rock Hill, SC. Situated just off Interstate 77 and Dave Lyle Blvd, the community is less than 25 miles from Uptown Charlotte and approximately five miles from Rock Hill’s historic downtown area.
Capstone’s Austin Green, Caleb Troop, and Alex McDermott sold the property on behalf of Greenville, SC-based Graycliff Capital Partners, who acquired the property in 2017.
The buyer, Gastonia, NC-based Southwood Realty, was drawn to the asset due to its construction quality and location, as well as the strong rent growth they are currently experiencing throughout their portfolio in York County and the surrounding Charlotte MSA.
“York County is experiencing tremendous population growth as millennials and families continue to migrate south to take advantage of the strong job market and popular year-round climate. That, accompanied by multi-family supply constraints due to costly impact fees in Rock Hill, makes this asset poised to achieve long term success in the market,” said Green, the lead broker on the sale.
Built in 2015, Gateway at Rock Hill is comprised of one-, two-, and three-bedroom apartment homes in 13 three-story buildings. The community’s amenities include a swimming pool, fitness center, grilling area, bark park, playground, business center, and media room. Each unit features a fully equipped kitchen, patio or balcony, garden tub, walk-in closets, and plantation blinds. Gateway at Rock Hill was 97% occupied at the time of closing.
This transaction marks Capstone’s third York County, South Carolina sale in the past month. In late October, the firm closed the sales of The Villas at Fort Mill (144 units; 2017) and Lodges at Lake Wylie (245 units; 2019).
About Capstone Companies
The goal of Capstone is to help generate, maintain, and increase the value and profitability of our clients’ multi-family investment properties. To do so, we provide comprehensive multi-family advisory services in asset acquisition and development, strategic ownership decisions, market insight and positioning, property value analysis, and disposition brokerage to support our clients in every stage of ownership. This comprehensive multi-family-focused service offering paired with our relentless drive to win on behalf of our clients is what sets us apart from pedestrian brokerage firms. Capstone simply put: Expertise. Experience. Extra-Mile.
About Graycliff Capital Partners
Headquartered in Greenville, S.C., Graycliff Capital Partners is a multi-family development and investment company with focus on the Southeast and Mid-Atlantic regions of the United States. Since its founding in 2010, Graycliff has acquired and developed more than 10,000 apartment units, executing approximately $1.62 billion in transactions. Graycliff’s core strategy is based on investing in areas with established economic growth and high barriers to entry. Graycliff is passionate about supporting local non-profits making positive impacts in their respective communities. For more information, visit www.graycliffcapital.com.