PITTSBORO, NC—Capstone Apartment Partners has closed the $91.3 million sale of Sanctuary at Powell Place: a 264-unit garden-style apartment asset located in Pittsboro, North Carolina. Newly built in 2020, the property features luxury finishes, exceptional construction quality, and an expansive amenity package, putting it amongst the top rental options in the market.
Sanctuary at Powell Place is ideally located directly off U.S. Highway 64, and less than a mile from U.S. Highway 15-501, offering its residents unparalleled access to an abundance of job opportunities and economic demand drivers throughout Pittsboro and the Research Triangle area. Additionally, the asset is situated less than two miles from the under construction Chatham Park mixed-use development. Upon completion, Chatham Park will be a live, work, play, learn community spanning across 7,000+ acres.
The Capstone transaction team was led by Alex McDermott and bolstered by Austin Green, Caleb Troop, Thomas Colaiezzi, Travis Cundiff, and Jourdan Sullivan. The team sold the property on behalf of Carolina Commercial Contractors, and procured the buyer, Bethesda, Maryland-based Aldon Management Corp, who acquired Sanctuary at Powell Place with the intention of furthering their scale in the North Carolina Triangle region.
Sanctuary at Powell Place is comprised of one-, two-, and three-bedroom apartment homes with wood-style flooring, white cabinetry, granite countertops, stainless-steel appliances, subway tile backsplash, digital thermostats, walk-in closets, ceiling fans, W/D connections, and a patio or balcony. Community amenities include a swimming pool, fitness center, game room, clubhouse, business center, picnic/grilling areas, dog park, pet spa, and car washing station. Sanctuary at Powell Place was approximately 99.2% occupied at the time of closing.