Capstone Apartment Partners brokered the $33.25 million sale of Overlook to Stonemill: a well-maintained 216-apartment asset located off the Lynchburg Freeway.
Capstone’s Ron Corrao, Eric Liebich and Cole Carns sold the property on behalf of Castle Lanterra Properties (CLP), a New York-based national real estate investment firm, through a competitive marketing process that resulted in to several offers from several national multi-family investors. .
“After acquiring Overlook from Stonemill in 2019 for approximately $22 million, we were able to implement a capital improvement program,” said Elie Rieder, Founder and CEO of CLP. “We believe the time is right to exit the Lynchburg market as we refocus our business elsewhere.”
The buyer is Southwood Realty, based in Gastonia, North Carolina, which plans to assume the existing loan on the asset.
“Southwood’s acquisition of the Overlook in Stonemill marks its return to the Virginia market as it expands its portfolio throughout the Southeast. They were attracted by the strong market fundamentals and added value of this asset and plan to build on CLP’s previous investments,” said Ron Corrao.
Located in the heart of Lynchburg, a rapidly growing commercial and cultural urban center in Central Virginia, Overlook at Stonemill is within driving distance of area employers, Liberty University, Centra Health and Virginia General Hospital. Lynchburg. Built in 2001, the asset features 216 garden-style apartments with fully equipped kitchens, washer/dryer hookups, patios/balconies, energy-efficient in-unit LED lighting, walk-in closets, ceiling fans and blinds, and LVP wood. -floor look in some units. Community facilities include a clubhouse with a fitness center, conference room, business center, rental and management office on site as well as a swimming pool, playground, outdoor grills, walking trails and a dog park. Overlook at Stonemill was around 99% occupied at the time of closing.
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