Capstone Apartment Partners has arranged the sale of Woodland Park, a 128-unit community in Charlotte, N.C. Senior Advisor Ron Corrao represented the buyer in the $10.4 million acquisition. Earlier this month, Capstone handled the $47.4 million sale of a 264-unit community in Antioch, Tenn.
According to Yardi Matrix data, Woodland Park last traded in 2016, when GLP Properties acquired the property for $5.5 million. Located at 2205 Kilborne Drive on roughly 8 acres, the 15-building community is 5 miles from downtown Charlotte.
Built 1971, the asset consists of one- and two-bedroom apartment homes, with hardwood-style floors, ceiling fans and fully equipped kitchens. Common-area amenities include a swimming pool, a clubhouse, a playground, picnic area and laundry facilities. The buyer plans to upgrade the property, which was roughly 78 percent occupied at the time of the sale.