Charlotte-based Capstone Apartment Partners, a multifamily investment property company, announced it brokered the sale of two apartment complexes in South Carolina; the Village at Mills Gap in Boiling Springs and Cross Creek Apartments in Spartanburg. The deal totaled just over $20 million.
The Village at Mills Gap is a 208-unit, class A apartment community built in 2014. The Village at Mills Gap LLC sold the community to HKSK Corp while the property was still in lease-up and was already 80 percent occupied. The community sold for $16.225 million. Alex McDermott and Austin Green of Capstone’s Charlotte office brokered the transaction.
Elevation Financial Group acquired Cross Creek Apartments, a 152-unit, 1980s-vintage asset from Alliance for $4.05 million. Apartments were 97 percent occupied at time of sale. Alex McDermott, Austin Green and Beau McIntosh of Capstone’s Charlotte office represented the seller.