GASTONIA, NC—Capstone Apartment Partners has closed the sale of two adjacent apartment communities in the Charlotte suburb of Gastonia. The two assets, The Landings and Greenview Meadows, are situated off E. Hudson Blvd next to Catawba Creek Golf Course.
Capstone’s Austin Green, Alex McDermott, and Caleb Troop sold the properties on behalf of the local seller, Southwood Realty.
“The I-85 South corridor just outside Charlotte extending through Gaston County continues to experience tremendous population growth as families continue to migrate south to take advantage of the strong job market and popular year-round climate. That, accompanied by the strong demand for well-located workforce housing in the Charlotte MSA, make these assets poised to achieve long-term success in the market,” said Austin Green, the lead broker on the two sales.
The Landings closed for $16 million and was approximately 95.5% occupied at the time of closing. The buyer is Indianapolis-based Pedcor Companies. The asset was built in 2000 and features 156 two- and three-bedroom apartment homes in 13 three-story buildings. The community’s amenities include a playground, pet play area, and laundry facilities. Each apartment includes a fully equipped kitchen, spacious closets, ceiling fans, and a patio or balcony.
New York-based Gindi Equities purchased Greenview Meadows for $10 million. The asset was built in 1972 and features 109 two- and three-bedroom townhome units. The community’s amenities include a pool, volleyball court, and laundry facilities. Each apartment includes a fully equipped kitchen, hardwood floors, ceiling fans, and a patio. Greenview Meadows was approximately 97.3% occupied at the time of closing.