Westborough Apartments Sold to Two Investment Groups

One of the Triad’s largest apartment communities, Westborough Apartments in Greensboro, was recently purchased by two investment groups. From the Triad Business Journal article by John Brasier:

Blackfin Real Estate Investors of Arlington, Va., and Capital Solutions of Blue Bell, Pa., have purchased one of the Triad’s largest apartment complexes.

Westborough Apartments, a 502-unit, Class B community with entrances off West Friendly Avenue and Guilford College Road in west Greensboro, was sold for $28.1 million by MCAP Westborough LP of New York City.

In the article the new buyers mentioned that they like what they see in the Triad market:

Andrew Buchanan, a Blackfin managing partner said, “We are excited to expand our portfolio to Greensboro and to improve our economies of scale in the region. The Triad continues to see steady job growth we really like the overall risk/return profile of this market relative to what we are seeing in other East Coast markets.”

Blackfin and Capital Solutions are just the latest of a wave of new investors and management companies from outside the Triad who have entered the market over the last couple of years. These include companies like Greystar, Kettler, Peak, Wilkinson, Matrix, and Pinnacle.