CHARLOTTE, NC—Capstone Apartment Partners has brokered the $41 million sale of Lodges at Lake Wylie: a Class A, new construction apartment asset in the Charlotte suburb of Lake Wylie. In addition to the existing 245 units, the purchase included an adjacent parcel of land already zoned to support 114 additional units.
Capstone sold the property on behalf of Wilmington, NC-based McAdams Homes, and procured the buyer, Southwood Realty, who is based in Gastonia, NC. Southwood acquired the Lodges at Lake Wylie in a loan assumption transaction that closed on October 15.
Southwood was drawn to the asset due to its location, which is immediately adjacent to another asset it owns, The Village at Lake Wylie. The three-story garden property was 98% occupied at closing.
“McAdams Homes is extremely proud of what we accomplished with the Lodges at Lake Wylie. We set out to build a beautiful new community with first class amenities that would be an asset to the Lake Wylie submarket,” said CEO Adam Sosne. “Our main goal is always to build communities that our residents are proud to call home. After having an opportunity to get to know the folks at Southwood, it was clear that they were best positioned to build upon the success of the community and take it to the next level. It was a pleasure working with both the Southwood and Capstone teams on this transaction.”
Capstone Apartment Partners directors Caleb Troop, Austin Green, and Bryse Toothaker brokered the transaction of Lodges at Lake Wylie.
“The best-in-market construction quality from McAdams Homes made this property very attractive to the market,” said Troop. “Based on the combination of tremendous population growth in York County and multi-family supply constraints due to zoning challenges and moratoriums in Lake Wylie, this asset is poised to perform well for years to come.”
Newly built in 2019, Lodges at Lake Wylie features one-, two-, and three-bedroom apartment homes. The community is fully amenitized with a resort-style swimming pool, clubhouse, fitness center, business center, dog park and washing station, picnic/grilling area, car care station, and more. Each apartment features wood-style floors, a full-size washer/dryer, a patio or balcony, and a fully equipped kitchen with designer cabinetry, granite countertops, stainless-steel appliances, and subway tile backsplash.