Concord Ridge, Concord NC | Sold by Berkadia 2023

August 14, 2023

Concord Ridge, Concord NC | Sold by Berkadia 2023

August 14, 2023

Berkadia Completes Sale of Multifamily Property in North Carolina 

CHARLOTTE, N.C. and CHARLESTON, S.C. – August 14, 2023 – Berkadia Institutional Solutions announced today the sale of Concord Ridge, a 336-unit garden-style multifamily property located in Concord, North Carolina. Managing Director Caleb Troop, Director Thomas Colaiezzi, and Associate Matt Robertson of Berkadia Charlotte and Managing Director Mark Boyce and Senior Director Blake Coffey of Berkadia Charleston completed the sale on behalf of the seller, North Carolina-based Southwood Realty. The buyer was Alabama-based StoneRiver Company LLC, and the deal closed on August 1.

“We continue to see smart investment firms flock to Cabarrus County for residential assets,” said Troop. “Employment demand drivers from firms like Eli Lilly, Red Bull, Old Dominion Freight Line, and others are establishing this area as a key pocket for growth.”

Located at 3635 Coventry Commons Ave. Southwest, Concord Ridge features one-, two-, and three-bedroom floor plans with walk-in closets, granite countertops, and private balconies or patios.

As the second largest financial center in the US, and with over 174,000 employed in the life sciences/health industry, we are confident in Charlotte’s robust and diversified economy,” said Donald Gambril with StoneRiver Company. “Combined with the high quality of life in the Concord area, we believe Concord Ridge will be a successful investment for StoneRiver and our investors.”

Community amenities include a saltwater swimming pool, a state-of-the-art fitness center, a clubhouse, a picnic area with barbecues, and outdoor fireplaces with televisions. Residents are afforded convenient access to Charlotte Motor Speedway, Concord-Padgett Regional Airport, Great Wolf Lodge Water Park, Concord Mills Mall and the shops and restaurants along Concord Parkway South.

Alabama-based StoneRiver Co. buys Concord apartments for $71.3M | Charlotte Business Journal

Birmingham real estate firms buys apartments for $71.3M | Birmingham Business Journal 

Berkadia Completes Sale of NC Multifamily | Connect Commercial Real Estate