CHARLOTTE, NC—Capstone Apartment Partners announces the sale of The Cove at Matthews: a 288-unit garden-style apartment community in the southeast Charlotte suburb of Matthews, North Carolina. The asset is situated on Monroe Road and is positioned within the favorable Matthews school district.
An undisclosed New York-based pension fund manager assumed a Fannie-backed loan and plans to continue upon the previous value-add initiative to update units in line with nearby competitors.
The Capstone brokerage team was comprised of Caleb Troop, Austin Green, Alex McDermott, Ron Corrao, Thomas Colaiezzi, Travis Cundiff, and Jourdan Sullivan, who sold The Cove at Matthews on behalf of Greenville, NC-based Taft Family Ventures.
“The Matthews suburb of Charlotte continues to see elevated investor interest in the multi-family space due to strong demographics, quality schools, and ease of access to jobs and services along Highway 74 and I-485,” Troop said.
The Cove at Matthews was built in 1988 and features one- and two-bedroom apartment homes. The community is fully amenitized with a renovated swimming pool, fitness center, tennis court, dog park, business center, pond, laundry facilities, picnic/grilling area, and more. Each apartment includes a fully equipped kitchen, patio or balcony, and walk-in closets. Select upgraded units boast a wood-burning fireplace, ceiling fans, vaulted ceilings, washer/dryer connections, stainless-steel appliances, and soft close kitchen cabinets.
The Cove at Matthews was approximately 95% occupied at the time of closing.