CHARLOTTE, N.C.– Capstone Apartment Partners announces the $7.5 million sale of Independence Place, a 176-unit property that offers both short- and longer-term rentals along Independence Boulevard just outside of uptown Charlotte.
Denver, Colorado-based R Investments bought the property and expects to spend north of $3.5M in renovations, utilizing the federal Opportunity Zone legislation that offers long term tax incentives for properties located in low-income Census tracts designed to spur redevelopment.
During a February 2020 visit to Charlotte, President Trump highlighted the federal Opportunity Zone legislation and invited R Investments CEO Travis Steffens to speak to a packed crowd at Bojangles Coliseum about both the OZ program and opportunities for veterans. Approximately two dozen disabled veterans currently live at Independence Place. R Investments plans to hire homeless veterans to spearhead most of the renovation work as well.
“We are so proud to announce that Investments Limited and its Founder Jim Batmasian are our Conscious Capital Partner in this Opportunity Zone Social Impact investment here in Charlotte,” said Steffens. “This is just the beginning to many Social Impact O-Zone investments we will be doing together across the country.”
The Capstone Apartments Partners transaction team was led by Caleb Troop and Bryse Toothaker.
“Despite the challenges created by the COVID-19 pandemic in the commercial real estate world, the appetite for value-add workforce rental housing in Charlotte has remained robust,” said Capstone Senior Advisor Caleb Troop. “We forecast a long runway of demand into 2021 from buyers throughout the country and beyond.”