Lincoln Green Sells for $44.1 Million

Bell Partners recently sold Lincoln Green for $44.1 million but will continue managing the property. From an article in the Triad Business Journal:

A Texas-based firm has purchased one of Greensboro’s largest apartment complexes for $44.1 million.

Lincoln Green, a 616-unit complex located at 2205 New Garden Road, was purchased Thursday by Elite Street Capital, a real estate investment firm located in Houston and Tel Aviv, Israel…

“This disposition is another example of how Bell is rotating out of older assets in smaller markets and targeting newer assets in larger markets,” said Bell Partners spokeswoman Laurenn Wolpoff.

Last month, Bell purchased a 164-unit complex in Marlborough, a suburb of Boston, for an undisclosed price, bringing the total number of units it owns and manages in the Greater Boston suburbs to 844.

The Story Behind the Sale of CityView

According to this piece on Triad Business Journal’s site, Signature Property Group’s sale of CityView to The Carroll Cos. was motivated by their need to free up capital for projects outside of the Triad:

The sale, a first for Signature in its 25 years of business, lifts constraints on cash resources, allowing the group to develop four more properties in the year ahead, said owner Frank Auman.

“The main reason we’re selling it is to fund expansion outside the Triad,” he said. “We currently have three properties under contract between Raleigh and Burlington, and we are in negotiations with a fourth in the Raleigh area. We plan to start two this fall and two next spring.”

He declined to provide further information about those plans.

The Carroll Cos motivation for the purchase seems to be deepening its presence downtown:

Carroll said the acquisition will help The Carroll Cos. take advantage of a “variety of synergies and operating efficiencies that come from owning three projects just blocks from each other in downtown.”

CityView joins Carroll’s other major downtown projects: Center Pointe, 98 luxury condominiums in a 17-story toweron North Elm Street; and Bellemeade Village, a large-scale mixed-use project planned near NewBridge Bank Park. Bellemeade Village, a $50 million project that will include a Hyatt Place hotel and 300 upscale apartments, could see site work begin “any moment,” Carroll said Wednesday.