Development

These apartments near Charlotte sold for $41.25 million - or $132,211 each

Gateway at Rock Hill
Gateway at Rock Hill

A new apartment development in Rock Hill has been sold for $41.25 million to a South Carolina-based investor.

Graycliff Capital Partners purchased the Gateway at Rock Hill apartments, an apartment community with surface parking behind the Galleria Mall, off Dave Lyle Boulevard. The 312-unit development’s sale price works out to $132,211 per unit.

“The acquisition of Gateway at Rock Hill is a continuation of our strategy to purchase well-constructed assets in areas poised to have significant population and job growth with proximity to major employment hubs,” said Andrew Reiken, principal at Graycliff Capital, in a statement. “Rock Hill is a thriving community that met all of our target parameters.”

The company focuses on properties in the Southeast, where they’ve invested $480 million.

The apartments include a swimming pool, gym, clubhouse, movie theater, dog park and playground, along with nine-foot ceilings and granite countertops in the units. A one-bedroom unit starts at $935 a month, according to the apartment’s website, while a three-bedroom starts at $1,395.

Brokers Austin Green, Andrew Klenk, and Alex McDermott of Capstone Apartment Partners represented the buyer and seller in the deal.

Ely Portillo: 704-358-5041, @ESPortillo

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