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:
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.
…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.
A&T officials declined to disclose a purchase price because the deal is still being negotiated and isn’t expected to close until June…
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.
Recently the Greensboro Housing Coalition reached out to PTAA to see if our members could help find housing for the over 200 (and counting) families whose housing was extensively damaged or destroyed by the tornado that struck the east side of the city on April 15. We put out word to our members via email and are happy to report that, as of this writing, 21 separate members have raised their hands to see if they can help.
If you are interested in receiving more information on how you might help with tornado housing relief, please email Jon Lowder at email@example.com. If you would like to make a financial donation to the East Greensboro Tornado Relief Funds being administered by the Community Foundation of Greater Greensboro you can do so here.
Greensboro will be home to two new mill-to-apartment conversions in the near future. First up is the Printworks complex:
The Alexander Co. will begin work in June on the 470,000-square-foot Printworks complex that once housed a fabric printing operation for Cone Mills called Proximity Print Works, which closed in 1977.
Alexander Co. plans to turn the buildings into:
217 apartments using the historic character of the buildings with exposed brick, high ceilings and expansive windows. The company said 143 of those apartments will be set aside for renters earning less than 60 percent of the city’s median income.
9,000-square-feet of retail space for restaurants and bars.
80,000-square-feet of self-storage.
Outdoor and indoor parking, play areas for children and for pets, access ultimately to a proposed greenway that will link Printworks to the Revolution Mill complex to downtown a little over 2 miles away.
Next up is the Mock Judson Voehringer Co. Hosiery Mill:
At the same Feb. 20 meeting when the Greensboro City Council designated Proximity Print Works Mill as a historic site, the council also passed an ordinance designating the Mock Judson Voehringer Co. Hosiery Mill as a Guilford County landmark.
The former textile mill sits on 6.42 acres at 2610 Oakland Ave. west of UNC-Greensboro. It will be developed into about 170 apartments, including several townhouse units, with a fitness center, community room and pool.
The building’s original masonry structure will be kept. Original windows, covered decades ago by brick, will be uncovered and restored.
A Florida-based LLC is planning to convert a Greensboro mill into apartments. From the Triad Business Journal:
According to a site plan filed with the Guilford County Planning Department by Octagon Partners of Charlottesville, Va., owner Mock Judson Mill LLC plans to develop 173 apartments in the former Mock Judson Voehringer Co. Hosiery Mill at 2610 Oakland Ave. near the UNC Greensboro campus.
Based in St. Petersburg, Fla., the LLC purchased the former mill on 8.7 acres at 2610 Oakland Ave. for $3.74 million on Dec. 28 from 2610 Oakland Greensboro Owner LLC, which also included Octagon.
The 153,653-square-foot facility, which ceased operations in 1972, was listed on the National Register of Historic Places in 2011. Rolane Factory Outlet Store was open in a portion of the former mill until 1999.
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.
The National Apartment Association (NAA) and National Multifamily Housing Council (NMHC) recently commissioned a study by Hoyt Advisory Services on the housing market in the Piedmont Triad and concluded that almost 19,000 new apartment units will need to be constructed by 2030 in order to meet the region’s housing needs. The study also found that this new construction will require all types of apartments at all price points.
The study found that the Piedmont Triad currently has an estimated 101,020 apartments with residents of all ages and income levels. Of those units, 66% were built before the year 2000, which is a key factor in addressing housing affordability; as new housing units are built they free up older housing stock for workforce housing.
While multiple factors contribute to the need for new apartments, including shifting lifestyle preferences, such as delayed homebuying, as well as the aging American population, a critical component to increased demand for all housing in the Triad is an influx of 25,000 new residents from other parts of the country.