Gindi Equities announced the sale of Greenview Meadows, a 109-unit multifamily property located in Gastonia, North Carolina, for $14.5 million, or approximately $133,000 per apartment.
Acquired by Gindi Equities for $10 million in February 2021, Greenview Meadows features a mix of two- and three-bedroom apartments. It is situated in a prime location within a 20-minute drive of Charlotte International Airport and Uptown Charlotte, an economic hotspot for banking, insurance, energy, transportation and healthcare.
Gindi Equities enhanced the residential community through a series of capital improvements since its acquisition, which included modernizing apartment interiors and upgrading on-site amenities with a new pet park, playground, picnic areas and renovated pool deck.
This transaction quickly follows another successful multifamily sale for Gindi Equities. After acquiring the nearby Cedar Ridge Apartments in April 2021 for $10 million, Gindi Equities sold the 104-unit multifamily community for $13.5 million in August.
“Greenview Meadows builds on our strong track record of acquiring high-quality assets, swiftly executing a targeted business plan and achieving impressive returns for our investors,” said Al Gindi, President and Co-Founder of Gindi Equities. “We remain bullish on North Carolina and are continuing to pursue opportunities in Charlotte, as well as other high-growth submarkets.”
Founded in 2020 by Raymond and Al Gindi, Gindi Equities is a New York City based investment manager that targets multifamily assets to deliver superior risk-adjusted returns. Gindi Equities owns and operates multifamily properties across the Southeast and Midwest and is continuously looking for opportunities to expand its footprint. Gindi Equities’ investment strategy focuses on acquiring value-add and core plus properties in markets with robust economic drivers and outsized population growth.
