The New York City-based investment firm says that apartment complex includes 109 units. It sits on nearly 8 acres at 1613 Greenview Drive. The price tag breaks down to approximately $133,000 per apartment.
It was purchased by 1613 Greenview LLC, according to Gaston County property records. A North Carolina LLC filing shows the owner is based out of New York City. Additional details were not available.
Gindi Equities acquired the multifamily community for $10 million in February 2021. It says the complex was a strong investment opportunity due to its prime location. It’s less than 20 miles from Charlotte Douglas International Airport. The two- and three-bedroom units were also a draw.
The firm invested roughly $1 million into upgrades, including modernizing apartment interiors and upgrading on-site amenities with a new pet park, playground, picnic areas and renovated pool deck.
This marks the second sale for Gindi Equities recently. In August, it announced the sale of Cedar Ridge Apartments in Gastonia for $13.5 million.
The firm was founded in 2020 by Al and Raymond Gindi. It targets assets across the Southeast and Midwest that deliver risk-adjusted returns.
“We target multifamily properties within markets that exhibit steady population and job growth, driven by an attractive economic policy,” says Al Gindi, president. “These fundamentals have made the Charlotte metro area a central focus of our strategy.”
He says that North Carolina represents the largest geographic concentration in the firm’s portfolio. It has 1,400 units across eight properties in Gastonia, Kernersville, Burlington, Winston-Salem, Wilmington and Greensboro.
Cushman & Wakefield’s Alex McDermott, Paul Marley, Rhodes Marley, and Gavin Conlon represented Gindi Equities in the transaction.
