Arrowood Villas

Arrowood Villas

Charlotte, NC
Available
  • Property Type: Apartments
  • Year Built : 2000
  • Property Size: 119,846 SF / 120 Units

Overview

Capstone Apartment Partners is pleased to present Arrowood Villas, a 120-unit garden-style multi-family asset located in Charlotte, NC comprised of a mix of 50 affordable/LIHTC units and 70 market rate units. Arrowood Villas operates in conformance as a Low-Income Housing Tax Credit (LIHTC) project limiting 42% of the units to 60% AMI. Participation in this affordable program ensures investors are acquiring a high-quality asset that meets the strenuous criteria required in order to be eligible for tax credits. Although rent restrictions are in place, Arrowood Villas’ affordable units currently trail the Max Allowable Rents by $300–$600 depending on the floor plan. This presents new ownership the opportunity to immediately reduce loss-to-lease, raise rents, and substantially increase rental income. Additionally, the opportunity exists for a robust value-add program on the virtually untouched 70 market rate units. There is tremendous operational upside for Arrowood Villas through expense reduction and utility reimbursement opportunities. With an excellent location in the South Charlotte submarket of the Charlotte MSA and an untouched value-add opportunity, Arrowood Villas presents investors with an excellent asset poised for substantial rent and EGI growth for years to come.

Investment Highlights

  • Immediate Rent Growth Achievable as Affordable Rents are Significantly Below the Max Allowable
  • Robust Value-Add Opportunity on 70 Market Rate Units
  • Operational Upside through Expense Reduction and Utility Reimbursement Opportunities
  • Favorable Renter Demographics in Booming South Charlotte Submarket
  • Proximity to Demand Drivers and Major Thoroughfares

Contact Information

Eric Liebich Senior Advisor P: 248.225.3706
O: 800.746.3175 ext. 730
eric@capstone-companies.com
Ron Corrao Director P: 757.749.6994
O: 800.746.3175 ext. 712
ron@capstone-companies.com
Thomas Colaiezzi Investment Sales Advisor P: 901.603.8590
O: 800.746.3175 ext. 714
tcolaiezzi@capstone-companies.com
Travis Cundiff Investment Sales Advisor P: 919.601.3119
O: 800.746.3175 ext. 792
tcundiff@capstone-companies.com
Jourdan Sullivan Investment Sales Advisor P: 903.450.3898
O: 800.746.3175 ext.749
jsullivan@capstone-companies.com
Matt Weinstein Investment Sales Advisor P: 703.987.0236
O: 800.746.3175 ext. 732
w.matt@capstone-companies.com
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