In 2021, New York City-based investment manager Gindi Equities bought Cedar Ridge Apartments, a multifamily community in Gastonia, North Carolina for $10 million. Three years after purchasing the community, the firm sold the property to New Jersey-based Geller Associates for $13.5 million, approximately $130,000 per apartment.
Gindi liked the property’s location — 30 minutes from uptown Charlotte, North Carolina, and the Charlotte International Airport — and its mix of two- and three-bedroom units. After buying the property, Gindi renovated the apartment interiors and on-site amenities, including adding a new playground and dog park. It also upgraded the complex’s leasing center.
Cedar Ridge Apartments was built in 1973 and contains 104 units across two stories. Floorplans consist of 2-3 bedrooms with 1.5-2 baths and range in size from 975 to 1,150 square feet. The community is pet-friendly.
“We completed our business plan ahead of schedule,” Al Gindi, president and co-founder of Gindi Equities. “Our multifamily real estate strategy is concentrated on core-plus and value-add opportunities,” Gindi said. “We target markets across the Southeast and Midwest with solid economic fundamentals and strong population growth, which drives consistent demand for housing.”
Gindi said his company constantly evaluates the assets across its portfolio to find ways to create value and deliver superior returns as it also looks to make more purchases. “We achieved a strong return for our investors and remain committed to growing our portfolio within the North Carolina market,” he said.
Gindi Equities was founded in 2020 by Raymond and Al Gindi as a specialized investment vehicle to invest in multifamily assets to deliver superior risk-adjusted returns while also improving the quality of life for our residents. Gindi Equities owns over 2 million square feet of multi-family real estate and is continuously looking to expand its footprint across the United States. Gindi Equities’ investment strategy focuses on acquiring value-add and core plus properties in markets with robust economic drivers and outsized population growth.
