Capstone Brokers $63M North Carolina Portfolio Sale
- Feb 28, 2020
A partnership between Eco Group, Lee-Moore Capital Co. and Montgomery Carolina has sold two Class A communities in Graham, N.C. The 204-unit Watercourse and the 240-unit Waterside traded for a combined $62.5 million.
Managing Director Brian Ford, Partner Alex McDermott, Senior Advisor Bryse Toothaker and Investment Sales Advisor Ron Corrao from Capstone Apartment Partners closed the deal and procured the buyer, Southwood Realty. In a similar recent transaction, the brokerage company represented the buyer in the $10.4 million sale of a Charlotte, N.C., asset.
Located at 1020 Watercourse Circle and 2120 Waterside Circle, respectively, the adjacent communities are less than a mile from both interstates 40 and 85. Additionally, the properties are roughly 3 miles from a selection of retail and dining options. Watercourse consists of seven three-story buildings developed in 2016 on a 16.9-acre site. The property has one-, two- and three-bedroom options and also includes a business center, clubhouse and playground. At the time of the sale, Watercourse was 98 percent occupied.
The other property was completed in 2019 and also comprises one-, two- and three-bedroom apartments in nine three-story buildings. Common-area amenities at Waterside include a pool, fitness center and dog park. At the time of sale, the community was 92.5 percent occupied.