The Destination at Union apartments is a 174-unit garden-style apartment community in the swiftly expanding Gastonia, North Carolina. Built in 1998, the property encompasses 13 buildings on 14.31 acres of land.
Unit mix for the combined properties include: 21 studio apartments averaging 336 square feet; 21 one-bedroom apartments, averaging 512 square feet; 96 two-bedroom apartments, averaging 864 square feet and 36 three-bedroom apartments, averaging 1,080 square feet. Average unit square feet for the property is 802 square feet. The grounds of the expansive property are decorated with neatly kept lawns and mature trees and nature driven community amenity spaces.
The Destination at Union presents investors with an ideal value-add opportunity with upside proven by local competitors. The property is conveniently located in the heart of Gastonia, offering residents convenient access to multiple economic demand drivers, retail, and job opportunities throughout the Gastonia submarket and the Charlotte MSA. Additionally, Gastonia has seen impressive year-over-year rent growth of 17%+ as well as positive multi-family fundamentals, positioning the property for growth for years to come.
The Destination at Union is a well-maintained asset with a recent targeted capex
program completed that included both asset preservation as well as amenity upgrades.
This property has not utilized LRO (Lease Rent Optimization) which makes it ideally
situated for completion of minor in unit improvements and LRO generating $70-$317
premiums on average.