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Gamma Real Estate has sold Laurel View Apartments, a 174-unit multifamily community in Concord, North Carolina, to Southwood Realty in a transaction valued at $41.4 million. The deal transfers ownership of a relatively new, amenitized rental asset in the Concord market from an institutional seller to a regional multifamily owner and manager.
Laurel View Apartments was built in 2017 and is situated on 11.3 acres. The community offers a mix of one-, two- and three-bedroom floor plans, each designed with large patios or balconies. The unit mix and outdoor space are positioned to appeal to renters seeking contemporary layouts and private outdoor areas within a garden-style setting.
The property is equipped with a range of community amenities. Residents have access to a fitness center and a swimming pool with cabanas, along with a resident clubhouse and cyber café. Outdoor features include entertainment areas with grilling stations and a fire pit, as well as a pet park and spa. A dedicated car wash station is also available on-site, rounding out a broad amenity package intended to support resident convenience and engagement.
Northmarq’s Carolinas Investment Sales team represented Gamma Real Estate in the disposition. The team was led by Andrea Howard, John Currin, Austin Jackson, Jeff Glenn and James Dorsett, who collectively oversaw the marketing and sale process for the asset. Their role connected a seller with a national investment track record to a buyer focused on owning and managing multifamily communities across multiple states.
Gamma Real Estate notes that its immediate predecessors have owned more than 25,000 residential units and 10 million square feet of office space across the United States. The firm’s strategy focuses on acquiring undercapitalized or mismanaged properties at prices below replacement cost in submarkets that demonstrate strong demographic trends. The sale of Laurel View Apartments marks another executed transaction for the company within its broader national portfolio.
Southwood Realty, the buyer, reports that it owns and manages apartment communities across five states. By adding Laurel View Apartments to its holdings, the company expands its footprint with a 2017-vintage, amenity-rich community in Concord. The acquisition reinforces Southwood Realty’s strategy of operating a geographically diverse portfolio of rental housing while positioning the property under an established multifamily ownership and management platform.
The post Southwood Realty Acquires 174-Unit Laurel View Apartments in Concord, North Carolina appeared first on CRE Market Beat.
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