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Capstone Negotiates Sales of Two Apartment Communities in the Carolinas Totaling $44.5M

Read Property Group recently sold two multifamily communities, including Village at Mills Gap (pictured) in Boiling Springs, S.C. (Image courtesy of LoopNet Inc.)

BOILING SPRINGS, S.C. AND GASTONIA, N.C. — Capstone has negotiated the sales of Village at Mills Gap in Boiling Springs and Destination at Union in Gastonia. Alex McDermott, Austin Green and Caleb Troop of Capstone represented the seller, Read Property Group, in both transactions.

In the first transaction, Read sold Village at Mills Gap, a 208-unit apartment community in Upstate South Carolina, to Southwood Realty for $25 million. The property offers one-, two- and three-bedroom floor plans that were 90 percent occupied at the time of sale. Communal amenities include a pool, fitness center, game room, dog park, grilling area, playground and a car care center. The asset is situated at 97 Mills Gap Road, six miles northwest of downtown Spartanburg. The buyer acquired the community as part of a 1031 tax exchange.

In the second deal, URS Capital Partners purchased Destination at Union from Read for $19.5 million. Built in 1998, the property offers one-, two- and three-bedroom floor plans that were 93 percent occupied at the time of sale. The buyer plans to upgrade the communal amenities, which include a pool, fitness center and a dog park. The asset is situated at 1272 Union Road, 21 miles west of downtown Charlotte.

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