Capstone Apartment Partners is pleased to present Creekside
Apartments: a 1981 vintage, 118-unit garden-style community located in Hickory,
NC. The property has been exceptionally well maintained by current ownership,
with over $1.8M invested in CapEx to date. Creekside recently underwent
extensive interior upgrades, with roughly 44% of the units getting a full-scale
remodel and 50% of the units getting a partial remodel, providing a perfect
canvas for the continuation of the value-add program to achieve significant
premiums. The property is conveniently located right outside the heart of
Hickory, offering residents convenient access to multiple economic demand
drivers, retail, and job opportunities. Additionally, Hickory has seen an
impressive year-over-year rent growth of +10%, as well as positive multi-family
fundamentals, positioning the property for growth for years to come.
With the opportunity for significant premiums through the
continuation of the value-add program, positive multi-family fundamentals, and
an excellent location in Hickory, Creekside Apartments is one of the premier
investment opportunities in Hickory.