Capstone Closes $146 Million Sale of 1,120-Unit Class A Apartment Portfolio in South Carolina

CHARLOTTE, NC—Capstone Apartment Partners has arranged the $146 million sale of a four-property Class A apartment portfolio in South Carolina. The 1,120-unit portfolio transaction consists of four apartment communities: Ardmore at the Park, Ardmore Howell Road, Ardmore New River, and Ardmore Ballentine. All four properties had existing loans in place that were assumed by the buyer.

Each community features a robust amenity package, with a swimming pool, fitness center, playground, business center, and grilling area at all four properties and striking fully equipped kitchens with granite countertops and stainless-steel or black appliances in every apartment home.

Capstone represented the seller, Greensboro-based Ardmore Residential, and procured the buyer, Southwood Realty, who is based in Gastonia, NC. Southwood is excited to add these four assets to their Carolinas portfolio as it will help improve efficiencies across the board.

Capstone’s Austin Green and Caleb Troop led the transaction team for the sale of the four properties.

“With the recent sale of four newly delivered properties, Ardmore Residential has executed a best-in-class development plan,” said Green. “Their attention to detail in construction paired with a quality management platform led to stabilized assets that will endure in Southwood’s portfolio for years to come.”

Added Troop, “We continue to see demand from investors for well-located, new construction garden product across the Carolinas. Multi-family investment throughout in-migration markets like Greenville, Charleston, Columbia, and Hilton Head has weathered the pandemic storm quite well this year.”

Ardmore at the Park is located in Greenville, South Carolina off Mauldin Road near Conestee Park and Nature Preserve. The 305-unit community sold for $39.84 million and has since been renamed as Palisades at the Park. Built in 2017, the community features one-, two-, and three-bedroom apartment homes and was approximately 95% occupied at the time of closing.

Ardmore Howell Road is also located in Greenville, South Carolina. The community is ideally situated at Howell Road and East North Street—adjacent to several retail and dining options at Vaughn’s at East North shopping center. The 252-unit community sold for $33.3 million and has since been renamed as Palisades at Howell Road. Built in 2016, the community features one-, two-, and three-bedroom apartment homes and was approximately 90% occupied at the time of closing.

Ardmore New River is in Hardeeville, South Carolina. Located in the heart of low country, the property is less than 25 miles from the Atlantic Coast. The 248-unit community sold for $35.08 million and has since been renamed as Palisades at New River. Built in 2018, the community features one-, two-, and three-bedroom apartment homes and was approximately 91% occupied at the time of closing.

The first transaction was completed in April with the sale of Ardmore Ballentine in Irmo, South Carolina. The 315-unit community sold for $37.6 million and has since been renamed as Palisades at Ballentine. Built in 2012, the community features one-, two-, and three-bedroom apartment homes and was approximately 94% occupied at the time of closing.

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