CHARLOTTE, NC—Capstone Apartment Partners announces the sale of The Cove at Matthews: a 288-unit garden-style apartment community in southeast Charlotte. The asset is positioned on Monroe Road directly across the street from Family Dollar’s corporate office and distribution center and was 95% occupied at the time of sale.
Greenville, NC-based Taft Family Ventures purchased the property and was drawn to the asset as they are currently developing a 250-unit apartment community called The Address Galleria on 21.5 acres immediately adjacent to The Cove at Matthews on Monroe Road. The Address Galleria will feature luxurious amenities and apartment finishes and is expected to deliver the first units this fall, allowing Taft to achieve economies of scale in one of the most prominent suburban submarkets of Charlotte.
“We are excited to continue our expansion into the Charlotte market, and even more thrilled to do it in the heart of Matthews,” said Taft principal Thomas Taft Jr. “We are bullish on the area given the quality of nearby services, access to transportation infrastructure, and a multitude of stable employment nodes.”
Taft said it plans to immediately invest in the property by upgrading select units, refreshing landscaping, and enhancing exterior buildings, among other items. The Cove at Matthews is Taft’s third Charlotte-area property as they also developed The Indigo at Cross Creek in Indian Land, which delivered in 2017.
״Dasmen is proud of all we have accomplished with this asset for both our residents and investors,” added Dasmen CEO Michael Katz. “We successfully executed our value-add business plan and vision in transforming the property into a Class-A community. We remain committed to the Mathews and Charlotte markets. It was a pleasure working with the Capstone and Taft team on this transaction.״
Capstone Apartment Partners Senior Advisors Caleb Troop and Ron Corrao brokered the transaction of The Cove at Matthews.
“Assets of this quality and vintage in submarkets like Matthews with such strong demographics are hard to find,” Troop said. “This property has weathered the COVID-19 storm quite well. Given its tremendous location, we expect Cove at Matthews to outperform for years to come.”
The Cove at Matthews was built in 1988 and features one- and two-bedroom apartment homes. The community is fully amenitized with a newly renovated swimming pool, fitness center, business center, fountain lake, laundry facilities, picnic/grilling area, and more. Each apartment includes a fully equipped kitchen, patio or balcony, and walk-in closets. Select upgraded units boast a wood-burning fireplace, ceiling fans, vaulted ceilings, washer/dryer connections, stainless-steel appliances, and soft close kitchen cabinets.