Rosewood Realty Group announced the $16.5 million sale of a 127-unit two-story multifamily development of 16 buildings called “Chapel Walk Apartments” in Greensboro N.C.
Rosewood Realty Brokers: Daniel Shabtai and Mike Kerwin represented the seller, Cornerstone Investments and Reid Yankowski from Newmontis, represented the buyer, MAAC Investments.
The 100,000 sq. ft. rental development at 1370 Lees Chapel Road was built in 2002 and includes laundry facilities, a business center and club house.
It sold for $130,000 price per unit, at a cap rate of 4.53%, with large upside potential, said Shabtai. “It is located in a booming area of Greensboro. The deal was executed and closed swiftly in two months.”
