GVA Management has bought Coffey Creek Apartments, a 420-unit community in Charlotte, N.C. YFP Development sold the property after 31 years of ownership, with the assistance of Capstone Apartment Partners. The Class B asset, that was 95 percent occupied at the time of closing, traded for $96.8 million, according to Yardi Matrix data.
Built in 1990, Coffey Creek consists of one-, two- and three-bedroom apartments with fully equipped kitchens. Common-area amenities include two pools, a fitness center, a clubhouse, a business center, a playground, a volleyball court and laundry facilities.
The community will go through extended interior renovations, such as updated appliances, cabinetry, countertops and flooring, among others. The former owner had already invested nearly $1.7 million in capital improvements.
Located at 2208 Yager Creek Drive in the Whitehall submarket, the 24.3-acre property is roughly 9 miles northeast of downtown Charlotte, close to Interstate 485. Parks and recreational activities in the surrounding area include Sugar Creek Greenway and Ayrsley Grand Cinema. The location is across Whitehall Commons and its numerous dining and retail venues.
Capstone Directors Caleb Troop, Ron Corrao and Austin Green, together with Partner Alex McDermott, represented YFP.
The Charlotte multifamily market has seen substantial growth over the past few months, according to a Yardi Matrix report. The metro’s sales volume amounted to more than $1.1 billion year-to-date, the same data provider shows.