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.”
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.
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. “
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:
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.
The Triad Business Journal recently published a story about the sales of two Triad apartment communities:
The complex last sold in 2005 for $6.9 million
A Beverly Hills-based company has entered the Triad market with acquisitions in Winston-Salem. From a story in the Triad Business Journal:
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.
The Triad Business Journal reported that Interurban Companies of Centennial, CO has purchased The View at 5010, a 433-unit apartment community located off of University Parkway south of Shattalon Drive. Interurban bought the community from Elite Street Capital (Houston, TX) for $26.3 million, and Elite Street paid $19.49 million for the community, then known as Ambercrest, in December 2016.
Synco Properties will manage The View at 5010, and assistant property manager Mark Longwill told the Business Journal that the new owners will continue with renovations that Elite Street Capital had started.
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:
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.