STATESVILLE, NC—Capstone Apartment Partners facilitated the $13.7 million sale of Signal Hill: a 122-unit garden- and townhome-style apartment community located approximately 40 miles north of Charlotte, North Carolina in the town of Statesville.
The Capstone brokerage team was led by Ron Corrao, Alex McDermott, Brian Ford, and Rhodes Marley, who sold the property on behalf of GLP Investments. The buyer, New York-based Cedar Grove Capital, plans to continue the renovation program started by the previous owner and enhance the already robust community amenity package.
“Cedar Grove Capital adds an outstanding asset to their portfolio, one which is well positioned due to its desirable floor plans, full amenity set and walkable proximity to a full complement of retail,” said Ron Corrao. “GLP Investments executed on their plan of interior improvements while curing deferred maintenance and handed off an opportunity with significant upside to Cedar Grove Capital,” added McDermott.
Built in 1974, Signal Hill is comprised of studio, one-, two, and three-bedroom apartment homes in 13 total garden- and townhome-style apartment buildings. Community amenities include a leasing office, swimming pool, playground, picnic/grilling area, and laundry center. Signal Hill was approximately 95% occupied at the time of closing.