CHARLOTTE, NC—Capstone Apartment Partners has arranged the $113,016,000 sale of Steele Creek Rivergate: a Class-A, garden-style apartment asset in Charlotte’s booming Steele Creek submarket. Newly constructed in 2021, the 408-unit community is situated on 38.2 acres directly behind Rivergate shopping center at the intersection of S. Tryon St. and Steele Creek Rd. in South Charlotte.
The Capstone Transaction Team was led by Austin Green, Alex McDermott, Caleb Troop, and Rhodes Marley, who sold the property on behalf of Brian and Darren Lucas of Lucas Unlimited. The buyer is AMAC, who plans to make upgrades to the property to elevate the tenant experience, including adding additional outdoor amenity space, inserting a package room, and creating work-from-home spaces for residents.
“Capstone continues to see significant investment demand for institutional quality assets across the Southeast, specifically in areas with strong market fundamentals such as Charlotte’s Steele Creek submarket where development and employment are exploding,” said Green.
Steele Creek Rivergate is comprised of one-, two-, and three-bedroom apartment homes with 9-ft ceilings, wood-style flooring, shaker cabinetry, granite countertops, subway tile backsplash, ceiling fans, plantation blinds, washer/dryer connections, and a private patio or balcony. Community amenities include a swimming pool, fitness center, clubhouse, cyber café, picnic/grilling area, playground, pet park, and garages available for rent. Steele Creek Rivergate was approximately 30% occupied and in lease-up at the time of closing.