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Knightvest Residential Acquires Stillwater Apartments In Charlotte For $39.2M

Property Image
SOLD
$39,200,000
David Moore
SZ

North Carolina

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MultiFamily
Sold 12/12/2023
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Property Image
SOLD

Knightvest Residential Acquires Stillwater Apartments In Charlotte For $39.2M

8242 Runaway Bay Drive

See Similar Deals
MultiFamily
Sold 12/12/2023
David Moore
SZ
the dealplayerscompscontact
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Summary

NORTH CAROLINA
Asset Type:MultiFamily
Transaction Type:Sale

Knightvest Residential, represented by David Moore of Knightvest Residential, has acquired the Stillwater Apartments in Charlotte, North Carolina. The multifamily property, located at 8242 Runaway Bay Drive, was purchased from Stone Cutter Capital Management for a total price of $39.2 million. The transaction took place on 12/12/2023.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $39,200,000
  • Address: 8242 Runaway Bay Drive, Charlotte, NC
  • Market: Charlotte, NC
  • Buyer: David Moore - Knightvest Residential
  • Seller: Scott Zucker - Stone Cutter Capital Management
  • Units: 20
  • Price Per Unit (PPU): $1,960,000

The Stillwater Apartments in Charlotte, North Carolina, have been acquired by Knightvest Residential for $39.2 million. Represented by David Moore of Knightvest Residential, the buyer completed the transaction with Scott Zucker of Stone Cutter Capital Management. This acquisition marks an important addition to Knightvest Residential's multifamily portfolio.

Players

David Moore
David Moore
14 deals$274.2M volume
BUYER
SZ
Scott Zucker
2 deals$70M volume
SELLER
SZ
Scott Zucker
2 deals$70M volume
SELLER

Details

SOLD
IMAGE: David Moore DATE: 12/12/2023 ADDRESS: 8242 Runaway Bay Drive MARKET: Charlotte, NC ASSET TYPE: Multifamily BUYER: David Moore - Knightvest Residential SELLER: Scott Zucker - Stone Cutter Capital Management SALE PRICE: $39,200,000 UNITS: 20 ~ PPU: $1,960,000 NOTE: Knightvest Residential has acquired the Stillwater Apartments in Charlotte, North Carolina, for $39.2 million from Stone Cutter Capital Management.

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Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,090,666.66

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$139,269.33
Cash-on-Cash Return-1.27%
Monthly Debt Service$185,828.00
Annual Debt Service$2,229,935.99