Northmarq’s Multifamily Investment Sales team completes $5.8M sale of Kannapolis duplex townhomes portfolio
KANNAPOLIS, N.C. — Northmarq’s Charlotte Multifamily Investment Sales team led by Ron Corrao, Matthew Weinstein, Eric Liebich, Scott Fuller and Dane Lozier successfully completed the $5.8 million sale of Inspired Way (pictured above) and Walter Townhomes (pictured below), two duplex-style townhome communities in Kannapolis, North Carolina. Northmarq represented the seller, Gaea Real Estate Corp. The buyer was a North Carolina based private equity group.
"Investor demand for a well-located, value-add townhome product in Kannapolis translated into a competitive process and a $5.8 million sale,” Corrao said.
Inspired Way (1700 Inspired Way) was built in 1999 and is comprised of 14 buildings and 28 units. It sits on 2.6 acres and has an average unit size of 1,105 square feet. Sitting at 100% occupancy, Inspired Way features all two-bedroom units with washer and dryer connections, exterior patios, and moderately upgraded unit interiors.
Built in 1988 and featuring 18 units, Walter Townhomes (528 Walter Avenue) features nine buildings with 18 total units. It sits on 1.95 acres and offers two-bedroom units averaging roughly 1,000 square feet. Units include washer and dryer connections, exterior front porches, and moderately upgraded unit interiors.
The Inspired Way and Walter Townhomes communities sit roughly 1.5 miles apart with quick access to U.S. Hwy 219 and Dale Earnhardt Blvd. The homes are within close proximity to local restaurants, grocery stores, and retail options. The communities also boast nearby access to the Charlotte metropolitan area, sitting approximately 30 miles from Uptown Charlotte.
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