Capstone Companies is pleased to announce the successful closing of Caitlin Station and Washington Square, a two-property multifamily portfolio.
The transaction, finalized on August 1, 2024, involved the sale of 104 total units, with Caitlin Station boasting a 97.9% occupancy rate and Washington Square being fully occupied at 100% at the time of closing.
The Capstone brokerage team was led by Firm Partner, Ron Corrao, and Managing Director, Eric Liebich, who facilitated the sale on behalf of the buyer and seller. Brokerage team members Matt Weinstein, Mike Mosher, Josh Greenwald, Scott Fuller, and Dane Lozier also assisted in the sale process.
“The completion of this transaction marks an important milestone for everyone involved. The portfolio’s prime location, strong occupancy, and prospects for rental income growth made it a compelling investment,” said Corrao. “We were honored to have facilitated this sale on behalf of a strong local owner/operator and are eager to see the positive impact the new ownership will have on the community.
Constructed in 2002 and 2003, Caitlin Station & Washington Square operate as Low-Income Housing Tax Credit (LIHTC) properties, ensuring that 100% of the units are limited to 60% Area Median Income (AMI). Despite rent restrictions, market rents at both properties trail the Max Allowable Rents, presenting an opportunity for the new ownership to mark rents to market while maintaining affordability for residents.
Located in close proximity to Charlotte, Greensboro, and Asheville, these properties offer convenient access to major metropolitan areas, making them an attractive option for investors and residents alike. The sale is expected to have a positive impact on the Shelby community by preserving affordable housing and supporting local economic growth.
The goal of Capstone is to help generate, maintain, and increase the value and profitability of our clients’ multifamily investment properties. To do so, we provide comprehensive multifamily advisory services in asset acquisition and development, strategic ownership decisions, market Insight and positioning, property value analysis, and disposition brokerage to support our clients in every stage of ownership. This comprehensive multifamily-focused service offering paired with our relentless drive to win on behalf of our clients is what sets us apart from pedestrian brokerage firms. Capstone simply put: Expertise. Experience. Extra-Mile.
