ESJ Pays Nearly $30M for Kannapolis Rental Community

Pickering & Co. Real Estate has offloaded The Bridge of Cabarrus, a 144-unit project the company built in Kannapolis in 2021. ESJ Capital Partners paid $29.5 millon for the apartment complex.

The Atlanta Business Chronicle reports Pearlmark provided $19.9 million in financing for the acquisition. Brian Gaswirth, Brad Woolard and Luke Maganas of JLL Capital Markets arranged the financing.

The property is 95% occupied and features amenities including a pool, fitness center, dog park and car washing station. It has one-, two- and three-bedroom units across six three-story buildings.

ESJ says the property was priced below the cost of building a similar complex in today’s market.

The company says it continues to look for multifamily properties to acquire in the Charlotte area. It’s seeking assets in the higher end of Class B product up to Class A, with prices ranging from $20 million to $60 million.