Southwood Purchases Two Alamance Properties

Posted By: Jon Lowder Blog ,

Two adjacent, recently built apartment communities in Graham were recently sold to Southwood Realty of Gastonia. The combined unit count of the Watercourse and Waterside apartment communities is 444 units, and with a price tag of $62.5 million that brings the sale price to $140.766 per unit. This article in the Triad Business Journal has the details:

The adjacent properties are just southeast of the Interstate 40/85 interchange with N.C. 54. Watercourse was completed in 2016. Waterside was completed in 2019. The Eco Group partnered with 10 Federal of Raleigh, which managed the communities, to bring the communities to the market...

Waterside, which has 240 units, was 92.5 percent occupied at the time of closing, and Watercourse, which has 204 units, was 98 percent occupied. They have one-, two- and three-bedroom floorplans with an average size of 956 square feet. Apartments range in price from about $950 to more than $1,300...

Both of the communities include a saltwater swimming pool, playground, picnic/grilling area, fitness center, car washing station and dog park.

The units have wood-style vinyl floors, walk-in closets, washer/dryer connections, and fully equipped kitchens with pressed wood cabinetry, granite countertops, 9-foot prep islands, and undermount sinks.