Capstone Brokers $49.65M Sale of 496-Unit Multifamily Portfolio in West Charlotte, NC

CHARLOTTE, NC—In what is the largest Class C portfolio transaction by unit count and total dollar amount in 2024 to date, Capstone Companies is pleased to announce the successful closing of three prominent multifamily properties in West Charlotte: Scarlet Pointe (274 units), Townhomes at Wisteria Hills (102 units), and Ravenwood Hills Apartments (120 units). The portfolio totals 496 units and sold for a combined total sale price of $49.65M. The sale of this portfolio stands as a milestone in the region’s real estate landscape.

The Capstone brokerage team, led by Firm Partner, Ron Corrao, and Managing Director of Multifamily Investment Sales, Eric Liebich, orchestrated a successful marketing process on behalf of the sellers, a private capital firm based in the northeast, and a local family. Brokerage team members Matt Weinstein, Dane Lozier, Josh Greenwald, Scott Fuller, and Mike Mosher also assisted in the sale process.

Fortune Holdings, LLC emerged as the sole buyer in this transaction, acquiring the properties as part of a strategic investment initiative. With a solid foothold in the West Charlotte market, Fortune Holdings intends to utilize their expertise to elevate the tenant experience and rejuvenate the properties for sustainable growth.

“Fortune Holdings was an ideal buyer as their current presence in the west Charlotte market afforded them the understanding of how best to meet the needs of tenants and improve the property for continued growth,” said Corrao.

The acquisition of this portfolio solidifies Fortune Holdings’ position as one of the largest owners of multifamily in West Charlotte. The company remains dedicated to building upon the foundation laid by previous owners and implementing strategic measures to increase the properties’ value and foster positive community impact.

Originally constructed in 1974, Scarlet Pointe consists of townhome and two-story garden-style units with a unit mix of 154 one-bedroom and 120 two-bedroom, totaling 274 units. The property features two clubhouses with pools, a fitness center, a dog park, and a tenant business center, affording tenants ample amenities.

Townhomes at Wisteria Hills is a 1971 constructed townhome community consisting of 102 two-bedroom unit units. Nestled in an infill location on the west side of Charlotte, the community offers naturally occurring affordable rents in a serene and peaceful setting.

Ravenwood Hills offers 24 one-bedroom, 48 two-bedroom, and 48 three-bedroom units. Built in 1972, the property sits within 0.5 miles from Townhomes at Wisteria Hills in West Charlotte and offers tenant amenities including a laundry facility and community garden.

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Emma Woodward

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