Ashbrook Village apartment complex in Gastonia sells for $37.2 million

Ashbrook Village, a 423-unit apartment community in Gastonia, sold for $37.2 million last week to New York-based Gindi Equities.

An apartment community in Gastonia has fetched a large sum in a recent sale. Ashbrook Village, a 423-unit townhome-style apartment community at 229 Pineview Lane in Gastonia, sold for $37.2 million last week to New York-based Gindi Equities, according to Gaston County real estate records.

The community was previously owned by Southwood Realty, who was represented by Capstone Apartment Partners in the transaction.

Capstone’s Austin Green, Alex McDermott, Rhodes Marley and Brian Ford brokered the deal for the firm, it said in a release on Monday announcing the deal. The complex includes one- and two-bedroom units at an average size of 754 square feet.

“Ashbrook Village was launched just weeks after the announcement of the Covid-19 mandated quarantine,” Green said. “Despite the challenges that were faced, we were able to procure a strong buyer for the seller and close the transaction at pricing expectations.”

Southwood was the original developer of Ashbrook Village and managed the multifamily project since building it in 1985. At the time of the sale, Ashbrook Village was 99.5% occupied, Capstone said in the release.


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