Click here to learn more about this opportunity.
Click here to submit an LOI.
Capstone Apartment Partners is pleased to present Green Tree Apartments, a well-located, 1970’s vintage asset with immediate value-add potential in the Kings Mountain submarket of the Charlotte MSA. Green Tree represents a rare opportunity to acquire an ideally positioned asset with significant physical and operational value-add potential that offers an ideal mix of large floorplans in an area experiencing unprecedented levels of growth and economic investment.
Investment Highlights
-
Significant Operational Upside – Physical Occupancy 24%+ Below Direct Competitors
-
Value-Add Opportunities – Immediate value creation opportunities via continuing interior improvements and improving managerial operations
-
Loss to Lease – Reducing the $2,320/unit annual loss to lease, $232,000 annually (2.16 rent roll)
-
Minimal Capital Needs – All new windows, light interior upgrades on majority of units
-
Potential for new owner to charge back for utilities and recoup $55,000+ annually
-
Available Free and Clear
Investment Summary
Address: 612 Charles Street
City/State: Kings Mountain, NC
Property Type: 2-Story Garden
Acreage: 8.88
Number of Units: 100
Year of Construction: 1972
Occupancy: 68.0%
Rentable Square Feet: 163,296
Average Unit Size: 1,633 sq. ft.
Average Rent per Unit: $600
Average Rent per Sq. Ft.: $0.37
Sales Terms: Free & Clear
Offering Price: TBD by Market
