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Capstone Arranges $126M Sale of Charlotte Multifamily Duo
Capstone Apartment Partners has facilitated the sale of two adjacent apartment communities in Charlotte’s University City submarket for a sale price of $125.8 million. According to Capstone, the transaction marks the second largest multifamily sale by dollar amount in the Charlotte MSA in 2021.
The two assets, Phillips Mallard Creek and Villas at Mallard Creek, comprise 503 total units on 30 acres and were approximately 98% occupied at the time of closing. New ownership plans to rebrand the two communities as Latitude Mallard Creek and operate them as one asset.
Capstone’s Jad Richa, Alex McDermott, Caleb Troop, and Rhodes Marley sold the two assets on behalf Phillips Development and Realty; the buyer is American Landmark.
“Capstone continues to see significant investment demand for institutional quality assets across the Southeast,” said Richa.
“We have seen rapid job growth in the University area which has led to substantial new investment into the highly sought-after submarket,” added McDermott.
- ◦Sale/Acquisition
