In 2021, New York City-based investment manager Gindi Equities bought Cedar Ridge Apartments, a 104-unit multifamily community in Gastonia, North Carolina, for $10 million.

Gindi liked the property’s location — 30 minutes from uptown Charlotte, North Carolina, and the Charlotte International Airport — and its mix of two- and three-bedroom units.  

After buying the property, Gindi renovated the apartment interiors and on-site amenities, including adding a new playground and dog park. It also upgraded the complex’s leasing center.  

In August — three years after it bought the community — the firm sold the property to Roseland, New Jersey-based Geller Associates for $13.5 million, approximately $130,000 per apartment. 

“We completed our business plan ahead of schedule,” Al Gindi, president and co-founder of Gindi Equities, told Multifamily Dive.

Gindi, founded in 2020, focuses on acquiring properties in markets with strong economic drivers and population growth.

“Our multifamily real estate strategy is concentrated on core-plus and value-add opportunities,” Gindi said. “We target markets across the Southeast and Midwest with solid economic fundamentals and strong population growth, which drives consistent demand for housing.”

Gindi said his company constantly evaluates the assets across its portfolio to find ways to create value and deliver superior returns as it also looks to make more purchases.

“We achieved a strong return for our investors and remain committed to growing our portfolio within the North Carolina market,” he said.

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