Knightvest Residential has recently acquired the Stillwater Apartments, a 280-unit complex located at 8242 Runaway Bay Dr. The purchase was made from Stone Cutter Capital Management for a total of $39.2 million, equating to $140,000 per unit.
Built in 1985, Stillwater consists of twenty garden-style apartment buildings and offers one-, two-, and three-bedroom units with rental prices starting at $1,150 for one bedroom units, $1,290 for two bedrooms units and $1,600 for three bedroom units.
In line with their expertise in property management and development strategies,Knightvest plans to revamp the aging property by adding new features such as a resort-style pool with sundeck. Other amenities will include a state-of-the-art business center open round-the-clock,a fully equipped fitness center also available around the clock,and various outdoor facilities including grilling stations,a car wash station,dog park,outdoor kitchen,and fireplace.Additionally,the complex will feature jogging trailsand concierge services.
This acquisition marks Knightvest’s fourth investment in Charlotte’s rental market as they currently manage three other apartment developments within the city.The company is committed to providing exceptional living experiences through their expertly managed properties.
