CHARLOTTE, NC—Capstone Apartment Partners has closed the sale of Coffey Creek Apartments in the burgeoning Whitehall submarket of Charlotte, North Carolina. The 420-unit asset is conveniently located within a 5- to 10-minute drive of three of the largest office parks in South Charlotte, as well as a plethora of Class A retail.
Capstone’s Caleb Troop, Ron Corrao, Alex McDermott, and Austin Green sold the asset on behalf of the local seller, YFP LLC, who owned Coffey Creek Apartments for 31 years and recently invested over $1.68 million into interior and exterior CapEx. The buyer, Austin-based GVA Management, plans to implement both interior and exterior renovations at the property, including updating cabinetry, appliances, countertops, flooring, fixtures, and more.
“Coffey Creek has been at the front door of the booming Whitehall Corridor for years,” said YFP LLC Managing Director Rick Yager. “After more than three decades of owning and managing Coffey Creek, this community is poised for the next generation.”
“It is extremely rare to sell a multi-family asset that has been owned by the original developer for 30+ years, which led to a frenzied bidding competition at Coffey Creek,” Troop said. “We continue to see robust interest in well-located apartment properties proximate to Charlotte’s I-485 loop, regardless of vintage.”
Built in 1990, Coffey Creek Apartments is comprised of one-, two-, and three-bedroom apartment homes with fully equipped kitchens, washer/dryer connections, and a patio or balcony. Community amenities include two pools, fitness center, business center, clubhouse, playground, fire pit, sand volleyball court and laundry facilities. Coffey Creek Apartments was approximately 95% occupied at the time of closing.