CONCORD, NC—Capstone Apartment Partners has closed the $60 million sale of Concord Ridge: a 336-unit garden-style apartment community in the north Charlotte suburb of Concord.
Newly built in 2017, Concord Ridge is comprised of one-, two-, and three-bedroom apartment homes and was 99% occupied at the time of closing. Notably, the property is a four-minute drive from the former Phillip Morris Plant in Concord, where energy drink company Red Bull announced last week as the future home of their new manufacturing facility. The announcement represents a record-breaking $740 million investment in Cabarrus County and will bring 413 new jobs to the area by 2027.
Capstone’s Caleb Troop, Austin Green, and Alex McDermott sold Concord Ridge on behalf of Tribute Companies, who is based in Wilmington, North Carolina. The buyer, Southwood Realty, acquired the asset in a loan assumption transaction.
“The sale marks the completion of an incredibly successful development by Tribute, one of the most prominent multi-family firms in the Southeast,” Troop said. “This asset meets the growing demand for quality suburban rental communities in the Concord market and I have no doubt the property will continue to thrive for years to come, as investment continues to flow into Cabarrus County.”
Concord Ridge offers access to numerous employment centers around Concord and north Charlotte, as well as retail, dining, and entertainment venues including Concord Mills, Pavilion at King’s Grant, Concord Marketplace, Charlotte Motor Speedway, and PNC Music Pavilion.
“Opportunities like the sale of Concord Ridge give Tribute the flexibility and momentum to continue to grow within markets that best suit our strategic plans,” said Tribute CEO Mark Maynard.
Each apartment home at Concord Ridge features wood-style flooring, wood shaker cabinetry, granite countertops, stainless-steel appliances, walk-in closets, washer/dryer connections, and a patio or balcony. Select units also include vaulted ceilings, washer/dryer in unit, ceiling fans, and a pantry. The community’s generous amenity package includes a resort-style swimming pool, fitness center, clubhouse, car wash, fire pits, picnic/grilling area, dog park and spa, and community garden.