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.

New Mebane Apartment Community Sells for $14.8 Million

Alexander Pointe Apartments, a newly constructed 120-unit apartment community in Mebane, was sold to an investor before its last 24 units had even received their CO. The sales price of $14.8 million worked out to $123,333.33 a door. From an article in the Triad Business Journal:

Alexander Pointe Apartments, one of the newest of several recently opened Mebane apartment complexes, was sold to Chapel Hill entrepreneur Jim Kitchen’s Sovereign Development Co. LLC for $14.8 million by First Mebane Properties LLC and developer Dennis Euless of Graham…

“It was a win-win for both parties,” said Mary Gwyn, whose Apartment Dynamics firm is managing the property for Kitchen, who is currently out of the country. “We thought it was a great price. The outlook for Mebane is so good. People want to live here — it’s near everything.

Rents at the 9.6-acre community start at $850 for one bedrooms and at $1,250 for three bedroom units. Amenities include a saltwater swimming pool, a putting green, a dog park and a large clubhouse with a fitness center and a conference room.

Brentwood Crossing in High Point Sold for $5.5 Million

The Triad Business Journal is reporting that the Brentwood Crossing apartment community in High Point has been sold to a New York-based company for $5.5 million:

A New York-based real estate development company has purchased a High Point apartment complex for $5.5 million.

Brentwood Residences LP, an entity controlled by Omni New York LLC, bought the 138-unit complex at 306 Brentwood St. from Brentwood Crossing LLC last week.

The property, which has 130,256 square feet of living space in 18 buildings, sits on 10.781 acres and is valued at $2.4 million, according to tax records.

SBV Communities Buys LeMans at Lawndale

From CoStar Group:

Kansas City-based SBV Communities, the multi-family real estate division of Spectrum Business Ventures, Inc., recently closed on its fifth acqusition of a Greensboro apartment property, buying the 109-unit LeMans at Lawndale at 205 West Cone Blvd. in a transaction that closed on June 26th. ..

Last month, the investment firm purchased Lexington Commons, a 106-unit apartment complex located just north of downtown Greensboro. And at the end of May the firm bought three smaller apartment communities on Hewitt St in Greensborototaling 503 units for $10.5 million, including Misty Creek Apts., Wendover Apts., and Aspen Woods Apts.