Signature Property Group, a longtime presence in the Greensboro apartment market, is ready to expand into other Triad markets:
Work should begin next month on a $32 million, 288-unit complex in Burlington around the same time work starts on a $30.2 million, 264-unit complex in Mebane.
Signature CEO Frank Auman said he’s excited to begin building in both cities, and the locations of each fit into a model he says has proved successful — within walking distance of amenities, and close to interstate access.
“We want to expand our presence outside the market,” Auman said. “My strategy is to first move toward the greater Raleigh area, so we’re kind of marching in that direction.”
As part of his explanation for why he sees potential in this sector of the apartment market, Auman was quoted as follows:
“Our rental demographic keeps expanding, especially in this rental class,” he said. “You’re as likely to get recently graduated college kids on their first job as you are to get retirees who are tired of mowing the grass and want to be more mobile.”
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From the Triad Business Journal:
The Burlington Times-News reports that the City Council will hold a hearing May 7 on the rezoning of 3.16 acres along Kirkwood Drive.
Stewart Wimberley Enterprises LLC wants to build the 53-unit Kirkwood Place Apartments next to Bible Baptist Church. It would be two three-story buildings totaling 28,800 square feet.
From the Burlington Times-News:
Converting the former R.L. Stowe textile mill at 301 W. Washington St. to apartments cost a total of $12 million. The 75 loft-style apartments are one, two and three-bedroom units with high ceilings, modern bathrooms and kitchens and pine flooring.
Developed by Landmark Group of Winston-Salem, the apartments are a tax credit property. This means that the owner of the apartment complex gets a tax credit for offering housing at lower prices than what the apartments would normally be worth a month. The apartments also have an income restriction, meaning that a family must have a household yearly income below a certain mark to live there.
The city applied for the state grant, and by November the project was funded. The state gave the city $250,000 to use in the project, specifically for installing sidewalks and removing hazardous materials.
The rest of the project’s funding came from federal tax credits for renovations of historic structures, federal low income housing tax credits, and a loan from the Community Investment Corp. of the Carolinas.