Print
Real Estate - Residential

Investment Firm Buys Leland Station For Nearly $33M

By Staff Reports, posted Jan 6, 2022
Leland Station in the Waterford area sold in December for nearly $33 million. (Photo courtesy of Capstone Apartment Partners)

PassiveInvesting.com, a private equity real estate investment firm, recently bought a 120-unit apartment home community in Leland.

Capstone Apartment Partners facilitated the nearly $33 million sale of Leland Station at 7521 Leland Station Road in the Waterford area. 

Greensboro-based Brown Investment Properties developed and managed the rental homes, selling them Dec. 17 to PassiveInvesting.com, according to a Capstone news release. FCA Management will operate the property moving forward, the release stated.

Completed in 2020, Leland Station includes one- and two-bedroom units in carriage-home floorplans, each unit including private-entrance garages, according to the release.

Leland Station was approximately 97% occupied at the time of closing. As of Thursday, rents there were starting at $1,530 a month for a one-bedroom home. 

“Leland Station represented a fantastic opportunity to acquire a highly sought-after carriage home-style, Class A product with direct-access garages and excellent community amenities, located in the fastest-growing city in North Carolina,” said Eric Fitzgerald, director of acquisitions at PassiveInvesting.com, in the release.

The Capstone transaction team was led by Caleb Troop, Austin Green, Alex McDermott and Rhodes Marley.

“The Leland suburbs have seen incredible population growth before and during the pandemic,” Troop stated in the release.

PassiveInvesting.com focuses on cash-flowing multifamily properties in the Southeast U.S and Texas, according to the release. The firm’s portfolio has a current value of more than $822 million with a total of 3,798 units.

Ico insights

INSIGHTS

SPONSORS' CONTENT
Jc300 dsc 2735

The Primary Way Families Break the Cycle of Poverty

JC Lyle - Wilmington Area Rebuilding Ministry
Headshotrosaliecalarco 1182131047

Beware of Social Media Scams

Mikeharrington carolinaretreats 2

Fall Vacation Rentals and Rising Cost of Real Estate

Mike Harrington - Carolina Retreats

Trending News

Galleria Property On Wrightsville Ave. Sold For $37.5M

Cece Nunn - Aug 10, 2022

Leland Town Center Lands New Tenant; Lowe’s Begins Construction

Johanna F. Still - Aug 10, 2022

Pipeline Poke Headed To Autumn Hall

Elizabeth White - Aug 10, 2022

Rachael Ray, Emeril Lagasse To Appear At GLOW Event

Justin Williams Pope - Aug 10, 2022

New Biz Creations In Cape Fear Region Continue Strong Trend

Johanna F. Still - Aug 9, 2022

In The Current Issue

Borrowers Seek Adjustable-rate Perks

During recent years when interest rates were at rock-bottom levels, borrowers have kept adjustable-rate mortgages at arm’s length. But now,...


Film Focus: Printing The Scene

Port City Signs & Graphics "does everything for their set in the way of decals, magnets, backdrop items, canvas art, vehicle graphics and se...


Commercial Tenants Navigate Rent Spikes

One of the realities small businesses throughout the area face when trying to find commercial space, which also include increasing rents and...

Book On Business

The 2022 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Trying to Grow a Business?
2020 Health Care Heroes
2020 WilmingtonBiz 100