Capstone Closes $5.7 Million Sale of Townhome-Style Apartment Asset in West Charlotte

CHARLOTTE, NC—Capstone Apartment Partners facilitated the $5.7 million sale of Thompson Place: a 65-unit townhome-style apartment asset off Brookshire Blvd in west Charlotte, North Carolina.

Capstone’s Ron Corrao and Eric Liebich sold the property on behalf of a local owner, who purchased the property in 2006. The buyer is New Jersey-based Lucern Capital Partners, who plans to update the property’s exterior and unit interiors.

“With the addition of Thompson Place, Lucern Capital Partners adds an outstanding asset to their growing west Charlotte portfolio, as they continue to invest capital in areas of town that are primed for growth,” said Corrao. “In line with their other projects, including Townhomes of Wisteria, Scarlet Point, the Hideaway at Kingspark, and The Ridge at Enderly Park, Lucern plans to invest significant capital on exterior improvements and interior upgrades to further benefit the residents of the community.”

Built in 1970, Thompson Place is comprised of one-, two-, three-, and four-bedroom apartment homes in highly desirable townhome floorplans. Each apartment home features a fully equipped kitchen, washer/dryer connections, and central heating and air conditioning. Community amenities include a pet play area and children’s playground. Thompson Place was 99% occupied at the time of closing.

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