Madison Hall Apartments (Clemmons) Sells for $9.5 Million

Colorado-based Interurban Companies recently closed on its purchase of Madison Hall Apartments in Clemmons from Ginkgo Investment Co. The 128-unit community sold for $9.5 million ($74,218 a door) and Interurban is in the process of making some upgrades to the property.

Interurban Companies of Centennial, Colo., closed on its $9.5 million acquistion of Madison Hall Apartments in Clemmons on Jan. 11, and began what CEO Bill Doogan termed “light upgrades” to the exterior of buildings, landscaping and amenities…

Interurban came into the Triad for the first time in January 2016 when it purchased Stadler Place, a 144-unit complex in Greensboro.

Hawk Ridge Apartments in Winston-Salem Sell for $9.1 Million

A Utah-based company has purchased Hawk Ridge apartments in Winston-Salem:

Peak Capital Partners, of Provo, closed on the purchase on Sept. 29 under the entity RW Hawk Ridge LLC, according to county records…

The apartments were sold by SpyglassCapital Partners LLC, a New Jersey-based niche private equity firm. Spyglass bought the apartments in June 2011 for $6.6 million, county records show…

“We completely repositioned the tenant base, pushing rents, improving occupancy, and reducing bad debts and delinquencies,” Spyglass stated. “These improvements, along with rigorous cost control, enabled us to grow Hawk’s annualized net operating income from under $400,000 to more than $700,000 by 2Q14.”