Capstone Apartment Partners is pleased to present Village Square, a highly performing mid-1980’s vintage asset with immediate value-add potential in the Union County submarket of the Charlotte MSA. Village Square represents a rare opportunity to acquire an ideally positioned asset with significant recent capital improvements, and offers a healthy mix of large townhome floorplans in a high growth Charlotte submarket with very limited apartment supply.
Village Square is currently 100% occupied (as of 8/10/15) with a steady waiting list of 10+ qualified tenants. This community successfully fulfills the high demand among area tenants for high quality, family style housing within close proximity to area job centers and amenities. Village Square has undergone interior renovations in only 7 of its 90 units in the past 36 months; yet, it still offers tenants the premier rental option in the submarket given its nearby retail, excellent proximity to local employment, and its well-appointed, large townhome style floor plans that include private storage and highly desirable washer/dryer connections. Although numerous recent capital improvements have been made on the buildings and systems in the community, the opportunity remains for new ownership to effectively push rents on renovated units and achieve significant additional rent upside via the renovation of the remaining units and improving community amenities.
These factors, coupled with Village Square being located within a 15-minute commute of 3,500+ jobs based in the thriving Union County submarket (including Tyson foods, Pilgrim's, ATI Specialty Materials production facilities, Charlotte-Monroe Executive Airport, and downtown Monroe), make Village Square an incredibly attractive investment opportunity.
Immediate Value-Add Opportunities
- Immediate Value Creation Opportunities via Moderate Unit Renovation Program — 92% of Units Not Renovated
- Excellent 15%+ Year 1 Cash-on-Cash Returns
- Fully Performing Asset with 100% Occupancy, Tenant Waiting List, and 5.0% Achieved Annual Renewal Rent Increases without Any Unit Upgrades
- Limited Supply in Union County Submarket and Continuously Improving Market Fundamentals
- Ideal Asset Location Next to Area Schools, Major Hospital Complext, Area Job Centers, and Major Roads