LYNCHBURG, VA—Capstone Apartment Partners announces the $66,500,000 sale of the Cottontown Manor Lofts: a 276-unit, luxury Class A apartment community located in Lynchburg, VA.
The Capstone transaction team was led by Eric Liebich, Ron Corrao, and Cole Carns, who facilitated the transaction off-market between the developer and Gastonia, NC-based Southwood Reality, who acquired the asset free & clear following a successful lease-up process.
The acquisition allows Southwood to implement operational enhancements as a result of obtaining economies of scale through the purchase of their second multi-family asset in the submarket in the last three months.
“Southwood Realty is thrilled to add such a high-quality asset to our growing Virginia portfolio,” said William Ratchford, Vice President at Southwood Realty. “The Southwood team looks forward to creating additional efficiencies that will benefit residents at the property.”
“The acquisition of the Cottontown Manor Lofts represents a trophy asset in the submarket and helps bring immediate scale to Southwood’s operations in Virginia as they continue to grow their multi-family portfolio,” said Capstone Senior Advisor, Eric Liebich. “Implementing their proven property management platform as seen across assets Southwood owns in other Southeast markets will further enhance the overall living experience for residents at the property.”
The Cottontown Manor Lofts are located on the edge of Lynchburg and Forest, Virginia, and feature 276 market rate apartment units across a variety of one-bedroom, two-bedroom, and three-bedroom floor plans—each with their own private patio/balcony. Built in 2021 and completed in 2022, the asset is situated on 17.67-acres and sits within close proximity to an assortment of various retail and commercial services as well as the University of Lynchburg, Liberty University, and the Lynchburg Regional Airport. Community amenities include high-end class-A finishes, conditioned corridors, a luxury swimming pool, a clubhouse/community center, fitness center, laundry facilities, and picturesque landscaping.
As part of Southwood’s acquisition process, the property is in the process of being rebranded to Palisades at Hunter’s Creek.