NC, SC, VA—Capstone Companies is pleased to announce the successful closing of the Southeast LIHTC Affordable Portfolio, a 415-unit value-add multifamily portfolio comprised of 13 properties, located across North Carolina, South Carolina, and Virginia. The sale occurred in multiple transactions with the final transaction completed on October 8th, 2024.
The Southeast LIHTC Affordable Portfolio sale represented a cumulative $14,500,000 transaction involving the following properties across North Carolina, South Carolina and Virginia: Cleveland School, Darlington Downtown Lofts, Douglas School Apartments, East Harper Apartments, Globe Tobacco Lofts, Jacob Press Apartments, Lassiter Square Apartments, Lynn Street Lofts, Mulberry School Apartments, Octagon House Apartments, Parr Place Apartments, Pecan Grove, and Weldon Downtown Apartments.
The transaction was led by Firm Partner, Ron Corrao, and Managing Director, Eric Liebich, with brokerage team members Matt Weinstein, Dane Lozier, Josh Greenwald, Scott Fuller, and Mike Mosher assisting in the sale process. Capstone represented the seller, Fitch Irick Corporation, and sourced the buyer, Eastside Equities, LLC through a full-scale marketing process.
“The sale of the Southeast LIHTC Affordable Portfolio represents a unique handoff between two excellent stewards of affordable real estate throughout the Southeast. We are proud to have facilitated this sale for both Fitch Irick Corporation and Eastside Equities,” said Corrao. “This transaction presents the new owner an excellent opportunity to continue to serve the families that live in these communities by investing in the assets and improving their quality of life, all while maintaining much needed affordable housing in each local community.”
The acquisition of the Southeast LIHTC Affordable Portfolio will undoubtedly benefit the communities where the properties are located by providing stable housing options for residents and contributing to the local economy. The portfolio’s diverse range of properties will offer a variety of housing choices to meet the needs of different residents. Additionally, the new ownership may implement improvements to the properties, such as upgrades to amenities or energy-efficient features, which can enhance the quality of life for residents and contribute to the overall vitality of the communities.
Media Contact:
Emma Woodward
Digital Marketing Specialist
