CHARLOTTE, NC—Capstone Apartment Partners has arranged the $28,650,000 sale of a two-property, 302-unit workforce housing portfolio located in Charlotte, NC.
Capstone sold the two properties on behalf of Cedar Grove Capital and procured the buyer, Saratoga Capital Partners. Saratoga looks forward to improving the units and amenities and continuing to offer clean and safe communities for residents.
The portfolio is comprised of two Charlotte-area apartment communities: Brookridge and Meadowbrook. Both assets are located along the East W.T. Harris corridor and, combined, they were 97% occupied at the time of closing.
Brookridge is in East Charlotte near the intersection of Albemarle Rd and East W.T. Harris Blvd. Residents enjoy easy access to Simmons YMCA, Albemarle Rd Park, and Albemarle Rd Elementary and Middle Schools. The 150-unit community was built in 1976 and features a swimming pool, fitness center, and laundry facilities.
Meadowbrook is located near CPCC’s Cato Campus, and it is just a short drive from University City. The 152-unit community was constructed in 1973 and features a swimming pool, business center, and laundry facilities.
The Capstone Apartment Partners transaction team was led by Alex McDermott, Bryse Toothaker, and Austin Green.
“Charlotte’s workforce housing continues to show its strength and desirability—even during a global pandemic—as collections remained steady through March and April. Saratoga was able to assume the attractive in-place debt implement by Cedar Grove Capital,” McDermott said.