Capstone Brokers $29.1M Sale of Scarlet Point Apartments in West Charlotte
CHARLOTTE, N.C. — Capstone Apartment Partners has brokered the $29.1 million sale of Scarlet Point, a 274-unit apartment community in Charlotte. The approximately 24-acre site is situated on Springmont Lane in west Charlotte, approximately five miles from the Uptown district.
Scarlet Point was built in 1974 and was approximately 85 percent occupied at the time of sale. Originally two separate adjacent communities, the property features two swimming pools, two laundry facilities and a dog park. Scarlet Point’s unit mix includes one- and two-bedroom flat- and townhome-style floorplans.
Ron Corrao of Capstone represented the seller, TG Real Estate, in the transaction. The buyer, Lucern Capital Partners, plans to continue TG’s renovation program and invest several million dollars into interior upgrades and necessary capital improvements. Select apartment homes were recently upgraded with wood-style vinyl flooring, shaker cabinetry and stainless steel appliances.