Utah Company Expands Its Triad Footprint, Buys Two Greensboro Properties

RealSource, based in Salt Lake City, Utah, has purchased two apartment communities with a combined 448 units for a total of $27.7 million. The Triad Business Journal carried the story earlier this week:

Salt Lake City-based RealSource purchased Friendly Ridge Apartment Homes, a 216-unit complex on St. Croix Place, for $12.5 million and spent $15.2 million on The Park at Oak Ridge, a 232-unit complex on Old Oak Ridge Road…

RealSource plans to invest $3.25 million in upgrades and repairs at The Park at Oak Ridge, and to spend $2.5 million enhancing Friendly Ridge.

The bulk of that cost will be spent on upgrades, with a focus on interior improvements in the one-bedroom and two-bedroom units that make up each community, he said. Anderson said a contractor has not yet been selected for the work.

Three Triad Apartment Communities Sold

The Triad Business Journal covered the sale of three Triad apartment properties:

Rehobeth Poine, constructed in 2009 on 4.58 acres off Meadow Oak Drive near Interstate 85, has an assessed value of $5.56 million, according to tax records.

Juliet Place was constructed in 2008 and 2014. It sits on 6.22 acres near West Vandalia Road and U.S. 220. Tax records show it has an assessed value of $4.34 million.

The Keystone Group sold the properties to Elkal Inc. for $63,745 per unit…

Capstone also brokered the sale of Hanover Court in Asheboro. The 152-unit complex, constructed in two phases with 72 units built in 1972 and 80 units completed in 1984, is located on 7.4 acres near Dixie Drive.

Kings Cross and Hanover Associates sold the property to Keystone for $5.75 million, or $37,823 per unit.

Hunters Glen Sold for $7.1 Million

From the Triad Business Journal:

Utah Holdings Group LLC has purchased the Hunters Glen Apartments in Greensboro for $7.1 million.

The 260-unit Class C apartments are located at 3128 Utah Place, northeast of the intersection of U.S. 29/North O’Henry Boulevard and East Cone Boulevard.