Arnaud Sitbon Of ESJ Capital Partners Acquires 144-Unit Multifamily Property In Kannapolis For $29.5M

The asset involved in the transaction is a multifamily property located at 101 Three Mile Loop in Kannapolis, NC. It was sold for $29,500,000, encompassing a total of 196,318 square feet on 15 acres of land. The property consists of 144 units, with a price per unit of $204,861 and a price per square foot of $150.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $29,500,000
• Address: 101 Three Mile Loop
• Market: Kannapolis, NC
• Square Footage: 196,318
• Acreage: 15
• Units: 144
• Price per Unit: $204,861
• Price per Square Foot: $150
• Buyer: Arnaud Sitbon - ESJ Capital Partners
• Seller: Pickering & Co. Real Estate
• Brokers: Brian Gaswirth, Brad Woolard & Luke Maganas - JLL

ESJ Capital Partners has entered the Charlotte market with this acquisition, focusing on higher-end Class B to Class A multifamily assets. Pearlmark provided $19.9 million in acquisition financing, arranged by JLL Capital Markets. The property is currently 95% occupied and was developed in 2021, aligning with ESJ's strategy to target additional deals in the Charlotte area, with a price range of $20 million to $60 million.