GREENSBORO, NC — Capstone Companies is pleased to announce the off-market, $14.35M sale of the Greensboro Value-Add Portfolio comprised of three 1960s-vintage multifamily properties, totaling 232 units. Communities involved in the sale include: New Garden Apartments (76 units, 1969 YOC), Alexander Apartment Homes (40 units, 1961 YOC), and Lincoln Grove (116 units, 1961 YOC).

The Capstone Carolinas brokerage team—Eric Liebich, Ron Corrao, Matt Weinstein, Dane Lozier, Scott Fuller, and Josh Greenwald—facilitated the sale on behalf of the seller, a privately held owner and developer of multifamily housing. They also sourced the buyer, West coast-based private capital group, Fortune Holdings.

“The acquisition of the Greensboro Value-Add Portfolio is a great example of the strong demand for multifamily assets across the Carolinas despite the challenging capital markets environment we’re operating in,” said Liebich. “The acquisition of these three properties will add scale and efficiencies to Fortune Holdings operations in the local submarket, and we were pleased to play a part in helping facilitate the process on behalf of the seller and buyer” he added.

“We’re excited to bring these three assets into our growing Carolinas portfolio,” said Principal Member and Founder of Fortune Holdings, Srini Potluri. “The Fortune Holdings team is looking forward to implementing additional efficiencies that will further benefit residents within each of the three communities.”

All three properties are located within three miles of each other and are a short drive from the heart of Downtown Greensboro. The prime location of the communities puts them near an abundance of demand drivers within miles, as well as centrally located near a number of major arteries.

Media Contact:
Jaclyn Chapman
Director of Strategic Marketing Communications
jaclyn@capstone-companies.com