The Triad Business Journal reported that Interurban Companies of Centennial, CO has purchased The View at 5010, a 433-unit apartment community located off of University Parkway south of Shattalon Drive. Interurban bought the community from Elite Street Capital (Houston, TX) for $26.3 million, and Elite Street paid $19.49 million for the community, then known as Ambercrest, in December 2016.
Synco Properties will manage The View at 5010, and assistant property manager Mark Longwill told the Business Journal that the new owners will continue with renovations that Elite Street Capital had started.
The Edge Flats, a luxury apartment development in Winston-Salem targeted towards medical students at the Wake Forest Baptist Medical Center, was sold for over $207,000 per unit. To put that number in perspective, CityView Apartments in Greensboro sold earlier this year for a little over $94,000 per unit.
Construction began in fall 2013 for 171 luxury flats among two buildings off West First Street. The $20 million development by Pennsylvania-based Vision Development Inc. is known as The Edge and was aimed at medical students.
S2S Meadow Edge LLC/The Edge Associates LLC and S2S Arbors Edge LLC purchased the two-building community and the 6.3 acres it sits on for $35.4 million. Those entities are affiliated with Shore to Shore Properties, a real estate investment firm based in Sausalito, Calif., that specializes in multifamily housing investment.
The seller, West Highland Acquisitions LP, is an entity managed by Vision Development owner Rick Shaffer.
The Carroll Cos. has once again expanded its local apartment portfolio with the purchase of Signature Property Group’s NorthPoint Apartments in north High Point:
Developer Roy Carroll announced today that his company has purchased NorthPoint Apartments, located at 4375 Regency Drive in north High Point, for nearly $26.5 million, or $91,965 per unit.
The 288-unit upscale community was completed this summer and sits on 16.74 acres near I-40 and the Piedmont Triad International Airport along N.C. 68. Guilford County tax records indicate that it has a total assessed value of nearly $16.9 million.
Bell Partners recently sold eight properties for $140 million to a New Jersey-based firm and three of those properties are based in the Triad:
A New Jersey-based firm has purchased three Triad apartment complexes from Greensboro-based Bell Partners Inc., an apartment investment and management company, for $67 million.
The sale of Steeplechase at Adams Farm and Park Forest in Greensboro and Deep River Pointe in High Point was part of a larger sale by Bell of eight properties — five in Arkansas — for more than $140 million. Bell Partners will continue managing the North Carolina properties.
According to the article Bell will continue to manage the three Triad properties.
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.
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.
From Greystone’s press release:
Greystone, a leading national provider of multifamily and healthcare mortgage loans, today announced it provided $30,500,000 in loans for the acquisition of four multifamily properties in the Piedmont Triad region of North Carolina. The four separate loans were originated by Vincent Langan of Greystone and delivered to Fannie Mae under its Delegated Underwriting and Servicing (DUS®) program.
The loan terms for all four properties include 10-year financing with 30-year amortization, one year interest-only and 80% LTV. Acquired by Varden Capital Properties (VCP), the apartment communities comprise a total 941 units and all offer a range of attractive amenities such as swimming pool, fitness center, clubhouse and tennis courts. The properties in this portfolio include:
- Ashland Apartments in Greensboro, NC
- The Lakes on Meadowood in Greensboro, NC
- Ambercrest Apartments in Winston-Salem, NC
- The Hunt Club Apartments in Winston-Salem, NC
From the Triad Business Journal:
Calabasas, Calif.-based commercial real estate brokerage firm Marcus & Millichap recently opened an office in Greensboro and hired two local industry veterans —Richard Montana and Hal Kern — to increase sales of apartment projects across the Carolinas.
M&M (NYSE: MMI) recruited Montana and Kern, who previously worked together within the multihousing group of CB Richard Ellis‘ Triad office, to help the company capitalize on multifamily investment sales at a time when interest rates remain historically low, apartment demand remains hot, and lenders are competing for deals, M&M officials said…
Raj M. Ravi, regional manager for M&M’s North Carolina, South Carolina and southern Virginia offices, said the two will focus on investment sales for high net-worth private investor clients that typically spend between $8 million and $30 million on assets. The team also will focus on building a base of private investor clients that spend between $1 million and $8 million, he said.
Triad Business Journal has the story:
A Connecticut-based private investment group has bought the 144-unit Sedgefield Apartments complex in Winston-Salem for $9.8 million…
Berkshire Property Advisors had owned the complex, at 4755 Country Club Road, since January 2008, when the real estate investment management company bought it for $8 million, deeds show.