Capstone Apartment Partners Closes Sale of North Carolina Value-Add Asset
- Sep 25, 2019
Capstone Apartment Partners has closed the sale of The Lodge at Lakeshore, a 132-unit, garden-style community in Greensboro, N.C. The firm’s Austin Green, Brian Ford, Alex McDermott and Caleb Troop handled the sale on behalf of seller Signature Property Group and procured the buyer, Triangle Real Estate of Gastonia/Southwood Realty. The transaction’s price tag was $13.3 million or $100,379 per unit.
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The property consists of 10 three-story buildings and was built in 2016 on more than 15 acres at 5010 Hilltop Road, near a fishing pond, walking trails and a manicured landscape with mature trees. The unit mix comprises one- and two-bedroom floorplans, ranging from 710 to 1,006 square feet. Select units feature washer and dryer hookups and private balconies/patios. Common-area amenities include a pond with kayak rentals, grilling areas, a fitness center, a clubhouse, a business center, a car washing station, a pet park and 189 parking spaces.
The Lodge at Lakeshore was 95 percent occupied at the time of the closing. The new owner is a local investor that owns several properties in the Triad area and plans to upgrade the community’s apartment interiors as well as the amenity package.
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