Core-Plus Acquisition

Concord Ridge

Concord, North Carolina

Property Overview


Concord Ridge Apartments offers one-, two-, and three-bedroom apartment homes with spacious living areas, granite countertops, plush carpet flooring, lofty nine-foot ceilings, and generous storage space. Community amenities include a saltwater pool, a 24-hour fitness center equipped with cardio and weight-lifting machines, a picnic area with BBQ grills, a pet spa and dog park, a firepit area with conversational seating, and a community garden.

Investment Overview


Fund II acquired Concord Ridge in August 2023 as its fifth investment.  Concord Ridge is located approximately 30 minutes to the northeast of Charlotte. StoneRiver Property Management identified management opportunities aimed at creating efficiencies and additional revenue for the property.  The business plan established for Concord Ridge includes a minor interior renovation program along with enhancements to Concord Ridge’s exterior and amenity spaces.  Concord Ridge represents a unique opportunity to capitalize on strong submarket fundamentals and the explosive expansion of the Charlotte economy.
Concord, North Carolina
Property Type
Luxury Suburban, Garden Style Apartments
Project Type
Year Built
# of Units
Date Acquired
August 2023

Investment Rationale

Management Upside – Concord Ridge provides notable management upside and an opportunity to create value by increasing revenue at the property.


Attractive Location – Concord Ridge’s location provides excellent access to retail and employment opportunities, with recent announcements of major employers adding jobs near the property.  Concord Ridge should also benefit from Charlotte’s expanding economy and population.


Property Improvements – StoneRiver’s business plan includes light interior improvements (addition of washer/dryers, new flooring, and improved technology package), exterior enhancements (landscaping), and amenity upgrades (improved furniture, fixtures, and equipment, upgrades to playground and dog park, and new pet yards).