LYNCHBURG, VA—Capstone Apartment Partners has brokered the $33.25 million sale of Overlook at Stonemill: a 216-unit, well-maintained apartment asset located adjacent to the Lynchburg Expressway.
Capstone’s Ron Corrao, Eric Liebich, and Cole Carns sold the property on behalf of Castle Lanterra Properties (CLP), a New York-based national real estate investment firm, through a competitive marketing process that yielded multiple offers from several national multi-family investors.
“After acquiring Overlook at Stonemill in 2019 for approximately $22 million, we were able to implement a capital improvement program,” said Elie Rieder, founder and CEO of CLP. “We feel that the timing is right to exit the Lynchburg market as we refocus our business elsewhere.”
The buyer is Gastonia, NC-based Southwood Realty, who plans to assume the existing loan on the asset.
“Southwood’s acquisition of the Overlook at Stonemill marks their return to the Virginia market as they increase their portfolio throughout the Southeast. They were attracted to the strong market fundamentals and value-add upside of this asset and plan to build on the prior investments of CLP,” said Ron Corrao.
Located in the heart of Lynchburg, a rapidly growing Central Virginia urban center for commerce and culture, Overlook at Stonemill is just a short drive away from area employers, Liberty University, Centra Health, and the Lynchburg General Hospital. Built in 2001, the asset boasts 216 garden-style apartments with fully equipped kitchens, washer/dryer connections, patios/balconies, energy efficient in-unit LED lighting, walk-in closets, ceiling fans, and window blinds as well as LVP wood-look flooring in select units. Community amenities include a clubhouse with a fitness center, conference room, business center, an on-site leasing and management office as well as a swimming pool, playground, outdoor grilling areas, walking trails, and a dog run. Overlook at Stonemill was approximately 99% occupied at the time of closing.