Texas Company Buys Greensboro Apartment Community

Continuing a recent trend of companies based outside of the Piedmont Triad purchasing local apartment communities, a Texas company has purchased a 336-unit Greensboro property. From the Triad Business Journal:

A Texas real estate company has purchased a large Triad apartment complex for $16.3 million, with plans to make more than $3 million in renovations over the next two years.

Artesia Real Estate of Austin, Texas, bought Mallard Lake Apartments in Greensboro. The seller was an LLC managed by Robert Canham, president of Sunchase American of Greensboro, which also manages the community.

Artesia principal Colin Brothers told Triad Business Journal that 3 Points Property of Raleigh will take over management of the 336-unit development at 2905 Cottage Place, just northeast of Greensboro Science Center off Lawndale Drive, in mid-December. The apartments are only a few minutes from various retailers on the Battleground Avenue corridor…

Brothers told TBJ that renovations would begin soon, starting with exterior improvements. Interiors will be upgraded units become available. Brothers said plans are still under development. He said various subcontractors would be hired. The community has two pools and a clubhouse.

Canadian Company Continues Piedmont Push

A fairly recent entrant to the Piedmont Triad apartment market is bullish on the region and has decided to invest in another property. According to the Triad Business Journal, Living Well Homes has purchased Hunt’s View Apartments, adding to a portfolio that already includes Ashley Oaks Apartments and Hidden Lakes Apartments. From the article:

Living Well Homes, a Canadian-based company, acquired its third Greensboro apartment community since 2015, buying Hunt’s View Apartments at 3901 Battleground Ave. for $20.5 million, with plans to make $2 million in improvements…

Living Well bought Hunt’s View from a Raleigh-based LLC, which had owned it since 2011.

Driscoll said upcoming projects will include renovations to the leasing office and clubhouse with improvements to the business center, resident lounge and fitness center; new poolside pergolas and resort-style sundeck furniture; renovations of units with upgraded design features; repainting and repairs to building exteriors and added landscaping; new signage and color scheme; enhancements to the dog park and the addition of a pet washing station; and improvements to the car care center.

Also mentioned in the article is the purchase of Market Sation Apartments for $15 million by two LLCs managed by Eric Richelson of White Plains, NY. Richelson Management will manage the community.

Three Greensboro Apartment Community’s Totaling 456 Units Sold

According to this article in the Triad Business Journal, three Greensboro apartment communities were sold to a joint partnership of TerraCap Management LLC and Willow Creek Partners LLC. The properties included Terrace at Olde Battleground (156 units), Terrace Oaks (120 units) and Madison Woods (180 units). The total paid for all three was $36 million, and according to the director of acquisitions for TerraCap there’s a good reason they’ve targeted Greensboro.

“Our interest stems from the fact that Greensboro has seen impressive growth that we believe will continue, and we think this portfolio is an outstanding investment with growth opportunity for TerraCap and Willow Creek Partners,” said Steve Good, partner and director of acquisitions for TerraCap.

Kettler Part of Joint Venture Buying Greensboro Property

Kettler Management is part of a joint venture that is buying two NC properties, including one in Greensboro:

Kettler, a real estate development and property management firm based in Tysons, Virginia, has teamed with The Stillman Group of Scarsdale, New York, to acquire both the 144-unit Bridges at Chapel Hill apartment community in Carrboro and the 240-unit Waterford Place apartment community in north Greensboro for a combined $42 million…

The Kettler-Stillman partnership paid $15.5 million, or $107,639 per unit for the Carrboro property, according to Orange County records, and it paid $26.5 million, or $110,417 per unit, for the Greensboro property, according to Guilford County records.

In a separate news release about the deal, Kettler Chairman and CEO Robert C. Kettler stated that the investors plan to “enhance” operations at both communities with interior and exterior upgrades. Kettler’s property management arm has also taken over for previous owner and management company, Fairfield Residential.

Kettler entered the Triad market last year with Mill 800, a 170-unit community in Winston-Salem.

NJ Group Purchases Lake Brandt Apartments

Lake Brandt Apartments was recently purchased by The Solomon Organization of New Jersey:

The Solomon Organization of Summit, N.J., has purchased a 14-building apartment community in northwest Greensboro for $20 million.

The 284-unit Lake Brandt Apartment Homes community becomes the group’s third North Carolina complex, according to its website.

Zach Solomon, managing director of The Solomon Organization, said his group will continue to look at properties around North Carolina.

“We find the Triad and the Triangle to be very desirable places to own real estate,” Solomon said. “We’re happy to be there, and we’re going to be there for a long period of time.”

Foreign Investor Part of Hawthorne at Bridford Purchase

A January 7, 2016 press release provides details about the recent sale of Hawthorne at Bridford:

Lowe Enterprises Investors (“LEI”), in joint venture with a foreign investment client, has acquired Hawthorne at Bridford, a 264‐unit Class A gated apartment community located at 598 Eagle Road in Greensboro, North Carolina.

“Hawthorne at Bridford is centrally located near the primary Greensboro employment corridor. Greensboro is a strong market that benefits from a diverse and expanding employment base. The property presents an opportunity to acquire a top quality asset in a strong and growing market,” said Bleecker P. Seaman, co-CEO of LEI.

The phased development of Hawthorne at Bridford began in 2012. The first two phases, containing 216 units, are currently 97 percent occupied. The final 48-unit phase was completed in December and is now actively leasing. The property is designed with 11 three-story residential buildings set on a 19.8 acre property…

John Gaghan led the investment team for Lowe Enterprises Investors. Greystar has been retained to manage Hawthorne at Bridford.

Two Greensboro Apartment Communities Sold in Separate Deals

Two Greensboro apartment communities were recently sold in separate deals:

LWH Ashley Oaks Apartments LP, an entity managed by Steiner Group in Quebec, Canada, acquired Ashley Oaks Apartments on Guilford College Road for $16.64 million, or slightly more than $66,000 per unit…

Ashley Oaks has 252 units and 245,192 square feet on 15.27 acres, according to tax records. It has a total assessed value of $13.54 million…

Also in Greensboro, The Morehead Apartment Homes at 5606 W. Market St. has sold.

Morehead Apartment Homes LLC, an entity managed by Charlotte-based WB Ventures of NC LLC, bought the 24-building complex for $11.15 million, or slightly more than $54,650 per unit…

Morehead has 204 units and spans 211,229 square feet on 15.11 acres. Tax records indicate its total assessed value is $7.3 million.

Two Greensboro Properties Sold for $11.3 Million

According to this article in the Triad Business Journal, Atlanta-based St. Clair Holdings has acquired two apartment communities near UNCG:

St. Clair Holdings acquired The Park at Greensboro at 2119 Spring Garden St. from 2119 Greensboro LLC for nearly $6.5 million and The Collegiate Courtyard at 1000 Bitting St. from Collegiate Greensboro LLC for $4.8 million…

Both The Park and Collegiate Courtyard, located within a stone’s throw of one another, are four-building, 48-unit communities.

If you do the math it looks like The Park at Greensboro sold for $135,000/unit and The Collegiate Courtyard sold for $100,000/unit.

Lincoln Green Sells for $44.1 Million

Bell Partners recently sold Lincoln Green for $44.1 million but will continue managing the property. From an article in the Triad Business Journal:

A Texas-based firm has purchased one of Greensboro’s largest apartment complexes for $44.1 million.

Lincoln Green, a 616-unit complex located at 2205 New Garden Road, was purchased Thursday by Elite Street Capital, a real estate investment firm located in Houston and Tel Aviv, Israel…

“This disposition is another example of how Bell is rotating out of older assets in smaller markets and targeting newer assets in larger markets,” said Bell Partners spokeswoman Laurenn Wolpoff.

Last month, Bell purchased a 164-unit complex in Marlborough, a suburb of Boston, for an undisclosed price, bringing the total number of units it owns and manages in the Greater Boston suburbs to 844.

Greystone Acquires Allerton Place

From Greystone’s press release:

– Greystone, a real estate investment and development group, today announced the acquisition of Allerton Place Apartments, a 228-unit multifamily property located in Greensboro, NC. The complex is located in the largest city of North Carolina’s robust Piedmont Triad region.

As part of its active acquisitions strategy, Greystone seeks out multifamily assets for its growing owner / operator model, investing in renovation and improved property management to increase value. The ideal real estate acquisition targets for this strategy are of 1980’s vintage – or newer – and over 200 units in size situated in the Southeast, mid-Atlantic and Midwest.

Allerton Place, constructed in 1997, comprises 14 garden-style apartment buildings with an accompanying clubhouse and leasing center. The Greensboro, NC property, purchased from Summit Equities, will transition to new property management provided by Greystone Property Management Corporation, which oversees thousands of residential real estate units in Florida, Indiana, Louisiana, North Carolina and South Carolina.

“We are thrilled to add Allerton Place to our growing portfolio of multifamily properties. This asset serves as the ideal example for how we can add value as part of our unique owner / operator strategy, and we hope to continue investing in this region,” said Bill Guessford, Managing Director of Greystone Acquisitions and Vice President of Greystone Property Management.