The complex spans over 104,000 square feet across 14 buildings. The price tag breaks down to approximately $130,000 per apartment.
Gindi Equities acquired the multifamily community for $10 million in April 2021. It says the complex was a strong investment opportunity due to location and attributes such as apartment mix, which included two- and three-bedroom units. It is within 30 minutes of Charlotte Douglas International Airport and uptown Charlotte.
The firm invested roughly $1 million into upgrading apartment interiors and on-site amenities, such as a new playground and dog park. The leasing center was also upgraded. That work was completed ahead of schedule — with a strong return for investors, says Al Gindi, president and co-founder of Gindi Equities. He says the firm is committed to growing its portfolio in the North Carolina market.
“Our approach is concentrated on core-plus and value-add opportunities. North Carolina remains a central focus of our multifamily real estate strategy,” Gindi says.
He says the state’s solid economic fundamentals and strong population growth have driven consistent demand for housing.
North Carolina represents the largest geographic concentration in Gindi’s portfolio, with approximately 1,500 units across eight properties located in cities such as Kernersville, Gastonia, Burlington, Winston-Salem, Wilmington and Greensboro.
Gindi Equities was founded in 2020 by Al and Raymond Gindi. It targets multifamily assets across the Southeast and Midwest that deliver risk-adjusted returns.
