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Capstone Brokers $14.35M Sale of Value-Add Portfolio in Greensboro, NC

GREENSBORO, NC — Capstone Companies is pleased to announce the off-market, $14.35M sale of the Greensboro Value-Add Portfolio comprised of three 1960s-vintage multifamily properties, totaling 232 units. Communities involved in the sale include: New Garden Apartments (76 units, 1969 YOC), Alexander Apartment Homes (40 units, 1961 YOC), and Lincoln Grove (116 units, 1961 YOC). The Capstone Carolinas...

Capstone Brokers $4.1M Sale of Wake Forest Apartment Community

WAKE FOREST, NC — Capstone Companies is pleased to announce the off-market, $4.1M sale of Creekside Apartments, a 38-unit apartment community located in Wake Forest, North Carolina along S Franklin St. The 2001-constructed property contains two- and three-bedroom units and was 95% occupied at time of sale. The property is poised for a value-add initiative, furthering the appeal of the community to...

Capstone Brokers Sale of Newly Constructed 96-Unit Luxury BFR Community in Huntsville, AL

HUNTSVILLE, AL — Capstone Companies has successfully brokered the sale of St Andrews Villas: a newly constructed build-for-rent style, 96-unit luxury apartment community in Huntsville, AL. The community is unique in that all units are one level, providing residents with private, easily accessible space with a personal one-car garage. Each villa is comprised of a 2-bedroom, 2-full bathroom configuration...

Multi-Family News Run Down 08/11/2023

Rent growth has decelerated below 1%, though stabilizing occupancy rates and increased consumer confidence bolster the market's resilience. The Federal Reserve’s insights anticipate a slowdown in rental housing costs due to an influx of new apartments, aiding inflation management efforts. Adaptive reuse is reinvigorating urban cores, with a surge of 122,000 rental apartments undergoing transformation,...

Capstone Brokers $24.25M Multifamily Sale in Wichita, KS

WICHITA, KS — Capstone Companies has successfully facilitated the $24.25M sale of Fox Run in Wichita, Kansas. The garden-style community was constructed in 1978 and is comprised of 336 units across 15.81 acres. Fox Run has a mix of studio, one-, and two-bedroom floorplans as well as a robust amenity package. Previous ownership had been in place for many years prior to the sale, resulting in Fox Run being...

Capstone Brokers $16.25M Sale of Apartment Community in Oklahoma

OKLAHOMA CITY, OK — Capstone Companies has successfully facilitated the $16,250,000 sale of Almonte Apartments, a 288-unit garden-style apartment community in Oklahoma City, OK. The property, built in 1983, has been extremely well-maintained and recently underwent significant capital expenditures. Previous ownership had been in place at Almonte for over 17 years prior to the sale. The Capstone...

Capstone Brokers 217-Unit Multifamily Sale in Oklahoma City, OK

OKLAHOMA CITY, OK — Capstone Companies has facilitated the successful sale of Bethany Square, located in Bethany, OK. This rare, distressed garden-style property in the Oklahoma City MSA is comprised of 217 units on 10 acres and was constructed in 1976. Bethany Square is comprised of one-, two-, and three-bedroom units. The Capstone transaction team was led by David Dirkschneider, William Forrest,...

Multi-Family News Run Down 08/03/2023

This edition will delve into the challenges facing multifamily investors amidst tightening lending conditions and volatile capital markets. While the fundamentals in major Sun Belt cities remain strong, multifamily investors and developers nationwide need help to secure loans due to rising interest rates and tightening lending standards. Bank deposits remain stable, but increasing caution in the commercial...

Capstone Brokers Sale Of 131-Unit Motel Conversion Project In Nashville, TN

NASHVILLE, TN — Capstone Companies has brokered the sale of The Wallace Studios, a motel conversion project located at 97 Wallace Road in Nashville, to AGB Real Estate and its partners. AGB Real Estate, in partnership with SL Cap and RBSR, LLC, celebrates their fourth motel conversion project together. Founded by local developer Adam Rosenberg, AGB Real Estate has gained a reputation for taking...

Multi-Family News Run Down 08/01/2023.

The U.S. multi-family housing market has shown signs of recovery in Q2, with key markets in the Midwest and South displaying strong demand and rent growth. RMR Group's $80 million acquisition of Carroll also marks its entry into the multi-family space, providing access to Sun Belt markets and $7 billion of assets under management. The Biden Administration introduced federal regulations to enhance renter...

Multi-Family News Run Down 07/31/2023.

Amidst challenges such as inflation, strict lending practices, and liquidity stress, the sector's short-term returns and outlook remain in question. However, current optimism lies in high-demand assets in fast-growing metropolitan areas, presenting investment opportunities for some. While national asking rents in the U.S. have experienced a slight decline, regional variations emerge, calling for cautious...

Capstone Brokers $12.05M Sale of 120-Unit Motel Conversion Project in Nashville, TN

NASHVILLE, TN — Capstone Companies has brokered the $12.05M off-market sale of Red Lion Inn & Suites: a 120-unit motel conversion project located at 2425 Atrium Way in Nashville, TN. Capstone Senior Advisor, Austin Heithcock, Capstone Partner, Adam Klenk, and Investment Sales Advisors, Jordan Arand and Josh White facilitated the sale between Focus Hospitality III, the seller, and Creative...

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