Capstone Facilitates $37M Charlotte-Area Sale

Austin Green, Alex McDermott, Rhodes Marley and Brian Ford represented the seller and procured the buyer of the 423-unit community in Gastonia, N.C.
Ashbrook Village. Image courtesy of Capstone Apartment Partners

Capstone Apartment Partners has brokered the $37.2 million sale of Ashbrook Village, a 423-unit townhouse-style community in Gastonia, N.C. Austin Green, Alex McDermott, Rhodes Marley and Brian Ford represented the seller, Southwood Realty, and procured buyer ASG Equities.

Developed by Southwood Realty in 1985 and 1988, the community at 2295 Pineview Lane comprises 47 two-story buildings, Yardi Matrix shows. The unit mix features one- and two-bedroom floorplans ranging from 600 to 950 square feet. Amenities include a saltwater swimming pool, a clubhouse and two laundry facilities, as well as a large, amenity-ready green space. According to Capstone, the property was 99.5 percent occupied at the time of sale.

Located some 20 miles west of downtown Charlotte, Ashbrook Village occupies more than 28 acres 4 miles from the city center. The 563,000-square-foot Franklin Square Shopping Center is roughly 2 miles north of the property.

In July, Capstone assisted Southwood Realty with a $146 million acquisition in South Carolina. The four-property portfolio included 1,120 apartments.

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