LYNCHBURG, VA—Capstone Apartment Partners announces the $68,850,000 sale of West Edge Apartments: a 270-unit, luxury Class A apartment community located in Lynchburg, Virginia.
The Capstone transaction team was led by Eric Liebich and Ron Corrao, who facilitated the transaction off-market between the developer and Gastonia, North Carolina-based Southwood Realty, who acquired the asset free & clear following a successful lease-up process. The acquisition allows Southwood to further obtain economies of scale and operational efficiencies in the local submarket. Additionally, it marks the third multi-family acquisition by Southwood in the state of Virginia facilitated by the same Capstone brokerage team in the last 18 months.
“We’re pleased to bring another high-quality asset into our growing Virginia portfolio,” said Southwood Vice President, William Ratchford. “The Southwood team is looking forward to implementing additional efficiencies that will further benefit the living experience for the residents of West Edge.”
“The acquisition of West Edge Apartments represents top-of-market construction quality and brings further scale to Southwood’s operations in the immediate submarket as they continue to grow their portfolio,” said Capstone Multi-Family Investment Sales Director, Eric Liebich. “We were pleased to play a part in facilitating the transaction and we’re excited to see the community continue to come to life as Southwood works to enhance the overall living experience for residents,” add Liebich.
West Edge Apartments is located in Lynchburg, Virginia and features 270 market rate apartment units across a variety of one-, two-, and three-bedroom floor plans—each with their own private patio or balcony. Built in 2021 and completed in 2022, the asset is situated on 22.70 acres and sits within close proximity of 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, air conditioned corridors, a luxury swimming pool, a clubhouse/community center, fitness center, laundry facilities, and picturesque landscaping. West Edge was 96% occupied at the time of the sale.