Texas Company Buys Greensboro Apartment Community

Continuing a recent trend of companies based outside of the Piedmont Triad purchasing local apartment communities, a Texas company has purchased a 336-unit Greensboro property. From the Triad Business Journal:

A Texas real estate company has purchased a large Triad apartment complex for $16.3 million, with plans to make more than $3 million in renovations over the next two years.

Artesia Real Estate of Austin, Texas, bought Mallard Lake Apartments in Greensboro. The seller was an LLC managed by Robert Canham, president of Sunchase American of Greensboro, which also manages the community.

Artesia principal Colin Brothers told Triad Business Journal that 3 Points Property of Raleigh will take over management of the 336-unit development at 2905 Cottage Place, just northeast of Greensboro Science Center off Lawndale Drive, in mid-December. The apartments are only a few minutes from various retailers on the Battleground Avenue corridor…

Brothers told TBJ that renovations would begin soon, starting with exterior improvements. Interiors will be upgraded units become available. Brothers said plans are still under development. He said various subcontractors would be hired. The community has two pools and a clubhouse.