Capstone Closes $37.2 Million Sale of Townhome-Style Apartment Asset in Charlotte MSA

GASTONIA, NC—Capstone Apartment Partners announces the $37.2 million sale of Ashbrook Village: a Class-A townhome-style apartment community in Gastonia, North Carolina. Developed in two phases, the property was owned and operated by the original developer. The property boasts tremendous upside potential with all 423 units poised to benefit from a value-add program.

Capstone sold the property on behalf of Gastonia-based company, Southwood Realty, and procured the buyer, Gindi Equities, who is based in New York City.

The Capstone Apartments Partners transaction team was led by Austin Green, Alex McDermott, Rhodes Marley, and Brian Ford.

“Ashbrook Village was launched just weeks after the announcement of the COVID-19 mandated quarantine. Despite the challenges that were faced, we were able to procure a strong buyer for the seller and close the transaction at pricing expectations,” said Green.

Ashbrook Village was originally developed by Southwood Realty in 1985 and has since been under their ownership and management. The community is comprised of 423 one- and two-bedroom townhome-style floorplans with an average size of 754 square feet. The property’s amenity package features a saltwater swimming pool, leasing office, clubhouse, and two on-site laundry facilities, as well as ample green space to add additional amenities in the future. Ashbrook Village was approximately 99.5% occupied at the time of closing.

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