CHARLOTTE, NC—Capstone Apartment Partners has closed the $9.7 million sale of Nevin Chase: a 90-unit garden-style apartment community located in north Charlotte’s growing University City submarket.
The Capstone brokerage team was led by Ron Corrao, Eric Liebich, Alex McDermott, and Rhodes Marley. The buyer, AJS Equities, plans to build upon the previous owner’s renovation program and invest several million dollars into the property through unit renovations, capital improvements, and targeted investment. Since closing, the community has been rebranded as Brightside Apartments.
“With the acquisition and rebranding of Brightside Apartments, AJS Equities continues to build upon their belief that strong tailwinds favor the Charlotte market and continued sustained growth lies ahead,” said Corrao.
AJS Equities beat out several other strong prospective buyers in a competitive process during a seller focused marketing effort to be awarded the opportunity. Nevin Chase, located a few miles north of Uptown Charlotte, sits in Charlotte’s burgeoning University submarket, which includes the University of North Carolina at Charlotte, the 2,200-acre University Research Park, and the LYNX Blue Line light rail—connecting University City to Uptown Charlotte and beyond. The area immediately surrounding Nevin Chase continues to experience strong growth, as evidenced by the recently constructed DR Horton Community which backs up to the asset.
Built in 1985, Nevin Chase’s unit mix is comprised of one- and two-bedroom apartment homes. Classic units feature fully equipped kitchens and washer/dryer connections, and upgraded units boast wood-style flooring, shaker cabinetry, granite countertops, tile backsplash, stainless-steel appliances, updated bathrooms, and trendy barn doors. Nevin Chase was 98% occupied at the time of closing.