Capstone Apartment Partners is pleased to present Coffey
Creek Apartments: a 1990 vintage, 420-unit, garden-style apartment community
located in Charlotte, North Carolina. Coffey Creek is owned by its original
developer and has been exceptionally well-maintained since completion,
including over $1.68M invested in interior and exterior CapEx over the last 5
years alone. Despite the large amount of capital invested, 97% (408/420) of the
units at Coffey Creek are considered unrenovated, allowing new ownership to
immediately implement a luxury upgrade package and achieve significant
premiums. Located at the corner of South Tryon Street and I-485, the property
is surrounded by an abundance of Class A retail/amenities and is within 10
minutes of major employment nodes, most notably the Whitehall Corporate Center,
which is diagonal to the subject property. With an excellent location, positive
renter demographics in the submarket, and an untouched value-add opportunity,
Coffey Creek presents investors an excellent asset poised for rent growth for
years to come.