Offers Due 6/1: Green Tree Apartments

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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

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