CHARLOTTE, NC—Capstone Apartment Partners has brokered the $9.3 million sale of Kingspark Apartments: a 110-unit garden- and townhome-style apartment community located in west Charlotte, North Carolina. The property is situated in a Qualified Opportunity Zone off West Blvd near Carolina Golf Club, less than three miles from Uptown.
Ron Corrao, Caleb Troop, Brian Ford, and Rhodes Marley lead the Capstone Apartment Partners transaction team.
Kingspark Apartments was owned for 52 years by the Trotter family, who developed, built, and maintained the asset exceptionally well with the approach of a long-term generational holder. William Trotter built Kingspark in 1968, with Paul Trotter assuming ownership and management in recent years.
“The Trotter family guided Kingspark with a steadfast hand for the last 52 years since William Trotter built the property in phases beginning in 1968. It’s remarkable that the community has been so well maintained in such excellent condition all this time and truly a testament to the leadership and involvement of both William and Paul Trotter and their long-term team,” said Corrao, the lead broker on the sale.
The buyer is Lucern Capital Partners, who plans to upgrade the interiors, including cabinetry, countertops, flooring, light fixtures, and other apartment finishes.
“Lucern Capital Partners intends to build upon the years of history at Kingspark by upgrading interiors to more modern finishes, adding additional community amenities, and continuing the tradition of an engaged community manager to ensure tenants receive a first-class experience. Lucern Capital Partners will look to bring the same look, feel, and level of service as is consistent with their other holdings in the Charlotte market,” Corrao added.
Kingspark Apartments is comprised of 110 two-bedroom flats and townhomes and was 92% occupied at the time of closing. The community’s amenities include an onsite leasing office and a playground. Each apartment home features a fully equipped kitchen and washer/dryer connections.