A local developer is planning to build a 116-unit apartment community in an Opportunity Zone in Greensboro. From the Triad Business Journal:
Developer Jerome Myers has submitted a zoning application to the city of Greensboro for Technology Row, a 116-unit apartment community at 402-404 Penry Road, just west of the Interstate 840 urban loop in east Greensboro. Myers said the property is zoned for 72 units...
The property is in one of 12 Guilford County opportunity zones. An investor who holds an opportunity fund investment for 10 years can qualify for permanent exclusion from capital gains taxes…
The plan is for 96 flats – half to be two bedrooms and two baths – measuring 950 square feet, and the other half to be three bedrooms and two baths, measuring 1,150 square feet.
The remaining 20 units will be townhomes –11 with two bedrooms and 2 1/2 baths, measuring 1,050 square feet, and the others with three bedrooms.
Apartment transactions in the Triad are continuing at a steady pace, the most recent example being a 100-unit community in northwest Greensboro. From the Triad Business Journal:
A luxury apartment community in the Piedmont Triad International Airport submarket has sold for $16.2 million...
Piedmont Place at 5817 Garden Village Court has 100 units with either one or two bedrooms, and garages. Amenities include hardwood floors, granite countertops, a tankless hot water system, garden tubs and a community clubhouse and pool.
The new owner has hired Hawthorne Residential Partners to manage the community, built in 2015.
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.”
According to a report released by Zumper, rents in Greensboro and Winston-Salem were among the lowest in the 100 markets they surveyed. From an article in the Triad Business Journal:
Of 100 U.S. cities surveyed, Greensboro was No. 88 with average monthly rent of $720 for one-bedroom unit ($820 for two bedrooms). The prices reflected a 5.9 percent yearly increase for one bedroom and a 3.8 percent jump for two bedrooms.
Winston-Salem, which was No. 78 on the list at $780 ($840 for two bedrooms), has experienced a larger spike in rent prices, with increases of 9.9 percent and 10.5 percent, respectively…
Charlotte ($1,160 and $1,310) ranked No. 33; Durham ($1,110 and $1,270) was No. 43; and Raleigh ($1,000 and $1,150) was No. 48.
With an 8-1 vote the Greensboro City Council approved rezoning for a proposed 380-unit apartment community off of Horse Pen Creek Road. The Greensboro News & Record has the story:
The council voted 8-1 in favor of rezoning 21.4 acres for the apartment project that developer Keystone Homes says will cost about $50 million and include up to 380 units. ..
City staff members and Keystone consultants told the council they believe a widened Horse Pen Creek Road can handle additional traffic from the project and required safeguards should protect the environment adequately…
Wallace said the apartment complex would attract “active adult” residents and young professionals drawn by its amenities, nearby commercial district and ready access to nearby highways and the Piedmont Triad International Airport.
Amenities would include a fully equipped chef’s kitchen, a variety of fitness facilities, a children’s game room, a pet spa and one- and two-car garages, he said.
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.
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 financing is in place and work is ready to begin on the Printworks Mill project in Greensboro. From the Triad Business Journal:
The Alexander Co., developer of the Printworks Mill commercial and residential project across Yanceyville Street from Revolution Mill in Greensboro, will hold an official groundbreaking on the site Wednesday morning with stakeholders, local politicians and government officials on hand…
…Alexander has settled on 217 apartment units in three buildings, leaving the first floor of a four-story building near the corner of Fairview and Ninth for retail and restaurant space. He said the remaining three floors of that building, plus all seven floors of an adjoining building, will become storage space…
…plans call for the approximately 100,000 square feet of retail and storage space to be complete by June. He said the apartments, which make up the remainder of the approximately 470,000-square-foot project, are scheduled to be finished in August 2020.
According to a recent filing with the NC Department of Environmental Quality there are plans to build a 238-unit apartment community adjacent to one of the Triad’s premier golf facilities. From the Triad Business Journal:
Koury Corp. is eyeing a 238-unit apartment complex in Grandover, according to a permit application filed with the N.C. Department of Environmental Quality…
The proposed complex would consist of five buildings with a mix of one-, two- and three-bedroom layouts. The buildings also would have eight garages and 455 parking spaces…
Koury is proposing that the five-building complex go on the western side of the fairway, which would place it between the fairway and Koury’s planned Grandover Village shopping center, divided by the new Grandover Village Road.
Facing a shortage of beds for its growing student population, North Carolina A&T University is planning to buy a portion of Campus Evolution Villages. Here are some details from a Greensboro News & Record article about the deal:
Specifically, A&T expects to purchase nine three-story buildings that can house 360 students. The university has leased these apartments for each of the past two years — and was planning to do so again this fall — because of a shortage of campus housing.
Like several of A&T’s newer residence halls, the apartment buildings will be owned by the N.C. A&T Real Estate Foundation. One of the roles of the foundation, A&T’s nonprofit charitable arm, is to buy and develop property for the university. The new apartments will be leased to students through the university’s housing office.