Oaks at Spring Garden Sold for $3.5 Million

From the Triad Business Journal:

A Florida investment firm has purchased the four-building Oaks at Spring Garden student housing community in Greensboro for $3.5 million.

The community at 2119 Spring Garden St. is west of UNC-Greensboro’s campus and includes 48 units with 192 total bedrooms. It was sold Sept. 27 by 2119 Spring Garden Street LLC to Pragma Investments, a firm that specializes in multi-unit housing investments…

The complex was built in 1991, and was purchased in 2011 by New York-based Stabilis Fund I LP for $1.7 million at public auction following a foreclosure.

The 3.1-acre property was then transferred to 2119 Spring Garden St. LLC and is appraised at $2.9 million for tax purposes.