NEW YORK, NY - Gindi Equities today announced the sale of Cedar Ridge Apartments, a 104-unit multifamily community located at 1680 Herman Drive in Gastonia, NC, for $13.5 million, approximately $130,000 per apartment.
Gindi Equities acquired Cedar Ridge for $10 million in April 2021, identifying the complex as a strong investment opportunity due to its prime location and many positive attributes, including its mix of two-bedroom and three-bedroom units. The complex is within 30 minutes of Charlotte International Airport and Uptown Charlotte, the center of the city’s economy, which has emerged as a hub for banking, insurance, energy, transportation, and healthcare.
Over the course of ownership, Gindi Equities successfully implemented a strategic renovation program at Cedar Ridge, which included upgrading apartment interiors and on-site amenities. Residents now benefit from a new playground and dog park, and the complex’s leasing center was also upgraded.
“Since acquiring Cedar Ridge three years ago, we have significantly improved the property and executed on our business plan ahead of schedule,” said Al Gindi, President and Co-Founder of Gindi Equities. “We achieved a strong return for our investors and remain committed to growing our portfolio within the North Carolina market."
About Gindi Equities: Founded in 2020 by Raymond and Al Gindi, Gindi Equities is a New York City based investment manager that targets multifamily assets to deliver superior risk-adjusted returns. Gindi Equities owns and operates multifamily properties across the Southeast and Midwest and is continuously looking for opportunities to expand its footprint. Gindi Equities’ investment strategy focuses on acquiring value-add and core plus properties in markets with robust economic drivers and outsized population growth.