Goldman Sachs and local development partner, Lansing Melbourne Group, LMG, have sold a 289-unit new construction building, Vida Kannapolis in Kannapolis, North Carolina for $59 Million.
The buyer is a New Jersey-based Denholtz Properties, a real estate development, investment and management company based in Red Bank, NJ. The complex sold for approximately $204,152 per unit.
The mid-rise five-story apartment rental complex at 210 S. Main Street in downtown Kannapolis, features 300,000 s/f of four-star mid rise rental apartments that were constructed in March 2021.
The development includes fitness center, pool, indoor parking, game room, grill, pet play area, roof terrace, elevator and bicycle storage.
Goldman Sachs partnered with the Ft. Lauderdale based development firm LMG, Lansing Melbourne Group and the City of Kannapolis to create a master plan for a former textile mill town just a short drive from Charlotte.
Vida is the catalyst project in this master planned community that has sparked a complete revitalization of the Kannapolis downtown.
NY based brokerage firm Rosewood Realty Group represented both sides. National Investment Sales President Jonathan Brody represented the buyer, Denholtz Properties and broker Jacob Vogel represented Goldman Sachs and LGM.
“With the multifamily market in NC on absolute fire, Goldman Sachs simply couldn’t turn down the aggressive prices that our buyers were offering,” said Vogel. “New construction in Charlotte and the surrounding sub markets are trading at an all time high and we are very glad to have gotten a deal done. To anyone who is looking to exit on a multifamily asset, there has never been a better time.”
According to Brody, “Denholtz has been trying to enter the NC market for quite some time. “They were looking for the perfect asset to kickstart their portfolio and I am glad that we were able to provide them with such.”
This purchase is the second buy in North Carolina for Denholtz as the company expands its holdings into the southeastern United States. Earlier this month Denholtz Properties announced the acquisition of Interstate Commerce Park, a five-building, 218,570 s/f industrial park located in Greensboro, N.C. for $12.1 million from CIP Real Estate which was the company’s first investment in North Carolina.
Denholtz Properties, with offices in New Jersey, Florida and Pennsylvania, own a $5.7 million-square-foot portfolio along the east coast.