Student Property in Greensboro Sold

Spring Place Apartments in Greensboro, near UNCG, was sold to a Chicago-based real estate investment company that specializes in student housing. From an article in the Triad Business Journal:

A large Triad student apartment community has sold for $23.15 million, according to records with the Guilford County Register of Deeds.

OC Ventures, a Chicago-based real estate investment firm specializing in student housing, bought Spring Place Student Apartments at 3610 Clifton Road in Greensboro, near UNC-Greensboro, through 3610 Clifton Road Associates LLC. The sale was recorded in Guilford County April 8…

Built in 2009, Spring Place has 164 units on 13.2 acres. 

Sale of Winston-Salem Apartment Community Continues Trend

The recent sale of Towergate Apartments continues a trend of apartment purchases by companies from outside the region. From the Winston-Salem Journal:

Another Forsyth County apartment complex has been sold to an out-of-region buyer, this time Towergate Apartments in Winston-Salem for $10.94 million.

The buyer is Ginkgo Towergate LLC of Charlotte, and the seller is Towergate Associates LLC of Winston-Salem, according to a Forsyth County Register of Deeds filing Tuesday. The deal closed Tuesday….

The complex was built in 1985 and has 259 units within 25 buildings on 14.65 acres.

The sale is the latest of a recent spree of apartment complex purchases in the county…

Other recent apartment complex sales include: the 209-unit Carolina Woods in Winston-Salem for $11.5 million; 213-unit Loxley Chase in Winston-Salem selling for $16.25 million; 234-unit Morgan Place in Clemmons for $14.3 million; 204-unit Twin City Townhomes in Winston-Salem for $10.15 million; 144-unit Salem Crest in Winston-Salem for $7.5 million; 96-unit Woodlawn in Winston-Salem for $3.5 million; and the 49-unit apartment complex at 1976 Maryland Ave. in Winston-Salem for $1.45 million.

Northwinds Sold, Renamed

The property formerly known as Northwinds was sold and the new owner is planning on making upgrades. From Multi-Housing News:

Arcan Capital has acquired Village 1373, a 332-unit, garden-style community in Greensboro, N.C., for $21.3 million from Southwood Realty, per Yardi Matrix information. Hunt Real Estate Capital has originated a $21 million, three-year acquisition and renovation loan for the buyer, according to Guilford county recorded documents.

Located at 1373 Lees Chapel Road, the property formally known as Northwinds is less than 6 miles from downtown Greensboro. The community offers one-, two- and three-bedroom apartments in 17 three-story buildings. Amenities include two pools, a fitness center, a tennis court and a playground. The asset had an 89.5 percent occupancy rate as of January.

rcan intends to use the Hunt-originated financing to upgrade the interiors, exteriors and common areas. “While the former owner maintained the property, it has not undergone any renovations or improvements for the past 11 years,said RJ Guttroff, managing director at Hunt, in prepared remarks. “Upon acquisition, the new owners will rebrand the property and implement a capital improvement plan exceeding $4 million to upgrade and reposition the property.”

New York Group Purchases Bridford West in Greensboro

In December a group out of Uniondale, New York purchased Bridford West Apartments in Greensboro. From the Triad Business Journal:

A realty group based on Long Island has purchased a gated apartment community in the Triad for $36 million, according to Guilford County public records…

Built in three phases beginning in 2012, the 264-unit upscale community sits on 20 acres at 600 Eagle Road in southwest Greensboro, just off Bridford Parkway. The complex has 11 apartment buildings and a clubhouse. Amenities include a fitness center, saltwater pool, dog park, car wash and grilling stations.

That purchase price puts the transaction at $136,364 per door and continues a trend of apartment communities being purchased by non-local companies. The seller bought Bridford West in 2015 for $33.2 million.

Carolina Woods Latest in a String of Winston-Salem Apartment Transactions

The Winston-Salem Journal ran a fairly in-depth article on the sale of Carolina Woods and the plans the new owner has for the community. Here’s a taste:

The Carolina Woods apartment community near Bethabara Park will go through a major renovation initiative as part of its new owner’s push into the North Carolina and Southeast metro markets…

Weiss owns and manages more than 600 multifamily units, more than 20,000 square feet of commercial space, and an 89-room boutique hotel, banquet hall and restaurant.

However, until it closed on the Carolina Woods community, all of its investments were in New Jersey and New York.”

The article also had an interesting bit of info about all of the apartment transactions in Winston-Salem over the last six months:

“The others include: 213-unit Loxley Chase in Winston-Salem selling for $16.25 million; 234-unit Morgan Place in Clemmons for $14.3 million; 204-unit Twin City Townhomes in Winston-Salem for $10.15 million; 144-unit Salem Crest in Winston-Salem for $7.5 million; 96-unit Woodlawn in Winston-Salem for $3.5 million; and the 49-unit apartment complex at 1976 Maryland Ave. in Winston-Salem for $1.45 million. “

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.

Apartment Communities in Winston-Salem and Greensboro Sold

The Triad Business Journal recently published a story about the sales of two Triad apartment communities:

Six affiliates of the New Jersey-based WG Portfolio are the new owners of Twin City Townhomes in Winston-Salem. The companies paid $10.15 million for the apartment community, according to records on file with the Forsyth County Register of Deeds…

The companies owned the complex for less than a year, paying $7.8 million on Nov. 29, 2017, according to Forsyth County property records. The property occupies about 40 acres and has 27 buildings…

In Greensboro, Margate on Cone Apartments also has new owners.

According to the Guilford County Register of Deeds, Margate CGC LLC of New York and Beth Cone LLC of California paid about $10.6 million for the apartments at 900 E. Cone Blvd…

The complex last sold in 2005 for $6.9 million

Colorado Company Purchases Triad Apartment Portfolio

From the Triad Business Journal:

Interurban Properties of Centennial, Colo., has purchased Loxley Place Apartments in Winston-Salem for $16.25 million from Graycliff Capital of Greenville. Loxley Place is at 3736 Kings Row in the Mt. Tabor neighborhood, just north of Robinhood Road.

In May, Interurban bought Springhouse Apartments, Ambercrest and The Fields Parkside in Winston-Salem for $26.3 million and rebranded the communities as the 433-unit View at 5010.

In August 2017, Interurban bought Southgate Gardens and Piedmont Trace, adjacent multi-family communities with 114 units on 12.32 acres at 209 Arthur Drive in Thomasville, for $5.1 million.

In January 2017, Interurban closed on a $9.5 million acquistion of Madison Hall Apartments in Clemmons, a 10.5-acre, 128-unit complex on Idols Road.

Interurban also owns Stadler Place in Greensboro and The Trails at Bethabara in Winston-Salem.

Bell Partners Expands Presence Out West

Bell Partners has expanded its presence on the left coast:

Bell Partners Inc…has been awarded a contract to manage multifamily assets in California and Washington.

The 17 apartment communities are owned by JB Matteson Inc., a San Francisco-based private real estate investment firm, and are valued at more than $1 billion.

“The JBM assets are a perfect complement to our existing $250 million California portfolio,” said Bell Partners’ CEO Jon Bell. “Bell has plans to continue expanding its footprint on the West Coast, and this new relationship is a clear example of our commitment to that objective. We are eager to grow our scale in these important apartment markets and look forward to cultivating an even deeper relationship with JB Matteson in the future.”

In recent years Bell has been concentrating on expanding out west, including three recent purchases in California for a combined $264.9 million.

Beverly Hills Company Buys Two Triad Properties for $14.6 Million

A Beverly Hills-based company has entered the Triad market with acquisitions in Winston-Salem. From a story in the Triad Business Journal:

A Beverly Hills, California, real estate investment firm has purchased adjacent Triad apartment communities for a combined $14.6 million, and is rebranding them under one name.

Evan Goldenberg, the principal of EBEX Holdings, told Triad Business Journal that The Ledges and 96 Ardsley, located along Ardsley Street in Winston-Salem’s Ardmore neighborhood, would be combined for rebranding as “The Residences at Diamond Ridge.”

Goldenberg said the purchases from LLCs managed by Charles Douthit of Raleigh are EBEX’s first in the Triad. He told TBJ that he has at least one other Triad apartment deal in the works, but is not ready to announce it. EBEX owns the 348-unit Arcadian Village apartments in Charlotte and two 100-unit complexes in Spartanburg, S.C.

Wellington Advisors will manage Diamond Ridge.