Capstone brokers sale of three Charlotte Class-C apartments

Fortune Holdings Acquires 3 Class-C Charlotte Apartment Projects

May 16, 2024May 19, 2024

Fortune Holdings has picked up three Class C multifamily properties in West Charlotte. Fortune paid $49.6 million for the group. Capstone Companies, the broker in the deal, says the transaction is the largest Class C portfolio transaction by unit count and total dollar amount in 2024 to date.

The properties are Scarlet Pointe (274 units-top photo), Townhomes at Wisteria Hills (102 units-bottom of photo), and Ravenwood Hills Apartments (120 units). Robinson Realty sold the Ravenwod Hills Apartments. Lucern Capital Partners sold the other two. All three were built in the early 1970’s.

Fortune Holdings, LLC emerged as the sole buyer in this transaction, acquiring the properties as part of a strategic investment initiative. Fortune Holdings plans to renovate the properties for sustainable growth.

The Capstone brokerage team was made up of Ron Corrao and Eric Liebich.

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