FORT MILL, SC—Capstone has brokered the $27,050,000 sale of The Villas of Fort Mill: a 144-unit garden-style apartment community in the Charlotte MSA. The property is situated off Regent Parkway just 1.5 miles from the North Carolina/South Carolina border.
Alex McDermott, Austin Green, and Caleb Troop lead the Capstone Apartment Partners transaction team.
“We are excited to continue expanding our platform and offering quality assets to investors in the Carolinas. Investors continue to have high levels of interest in the Charlotte MSA across all asset classes and have been very aggressive in finding and acquiring deals,” said McDermott. “It was once again a pleasure working with EBEX Holdings and Friedlam Partners from acquisition to disposition of The Villas at Fort Mill.”
The sellers, New York-based EBEX Holdings and New Jersey-based Friedlam Partners, acquired The Villas of Fort Mill in September 2018 for $20,100,000 in a joint venture.
“The Villas at Fort Mill was a great asset for us. We are thrilled that we were able to execute our business plan within a shorter than projected hold period,” said Evan Goldenberg, Principal of EBEX Holdings.
“We acquired this community from the original developers during the lease-up and we are very proud of what we were able to achieve within these two years,” added Nathan Friedman, Principal of Friedlam Partners.
The buyer is PassiveInvesting.com, who plans to complete a light upgrade to the community’s amenities and modernize the remaining 50% of original units.
“The Villas at Fort Mill was an excellent opportunity for our group to expand our portfolio in the greater Charlotte MSA. The asset is a high-quality property located in an area that offers great schools, proximity to major employers, and has a limited pipeline of new inventory,” said Dan Hanford.
Newly built in 2017, The Villas at Fort Mill features two- and three-bedroom apartments in six two-story buildings and a leasing office with an amenities center. It was 96.5% occupied at the time of closing. The community’s amenities include a swimming pool, playground, clubhouse, fire pit, and a laundry facility. Each apartment home features a fully equipped kitchen, granite countertops, and a patio or balcony.
PassiveInvesting.com is a private equity real estate investment firm focused on acquiring value-add and core+ multifamily properties in the Southeast U.S. The firm’s portfolio has a current value of more than $299 million stemming from twelve properties with a total of 2,392 units.