Signature Property Group has sold The Lodge at Lakeshore, a 132-unit community in Greensboro, to Triangle Real Estate/Southwood Realty of Gastonia. The purchase price was $13.25 million, or $100,379 per door. More details from an article in the Triad Business Journal:
Built in 2006, The Lodge at Lakeshore offers one- and two-bedroom apartments. It was approximately 95 percent occupied at closing. The community’s amenities package includes a pond with kayak rentals, grilling areas, fitness center, clubhouse, business center, car washing station, and a one-acre pet park. ..
With the purchase, Triangle/Southwood added to its Triad apartment portfolio, which includes Alamance Reserve in Burlington, Ambassador Court in High Point and The Reserve at Regents Center in Lexington. Triangle/Southwood paid $25 million for Alamance Reserve in March 2018.
The two companies that partnered to buy Westborough Apartments last year have made a second apartment purchase in Greensboro. From an article in the Triad Business Journal:
Blackfin Real Estate Investors LLC, based in Arlington, Virginia, and GMF Capital LLC of New York City, bought The Hamptons at Country Park in Greensboro for $18.7 million from Johnston Properties of Greensboro. The deal was recorded Aug. 13 by Guilford County…
The Hamptons, l4515 Lawndale Dr., is a 264-unit multifamily property on 22.8 acres adjacent to Country Park. The property, last sold in December 1999 for $9.13 million, is listed as Class C and being built in 1979 in Guilford County records.
Last year, Blackfin and GMF purchased Westborough Apartments, a 502-unit, Class B garden-style community at the corner of West Friendly Avenue and Guilford College Road in Greensboro for $28.1 million, and renamed it The Avenue.
Something interesting to note here: a Class C property in Greensboro sold for $70,833/door in 2019 and a Class B property in Greensboro sold to the same partners the previous year for $55,976/door.
Carlisle Residential has sold its Encore North community in Greensboro to Grimley Residential. The 237-unit community sold for $34.3 million, or $144,725 per door. Here are more details from an article in Multi-Housing News:
Carter-Haston will manage the community on behalf of the new owner. Built in 2017, the apartment property offering one- and two-bedroom homes is located at 3619 N. Elm St., less than 5 miles north of downtown Greensboro.
The community was built by Lomax Construction and comprises five three-story buildings, with an occupancy rate of nearly 94 percent, according to Yardi Matrix data. Amenities include a fitness center, swimming pool, resident lounge and dog park…
Grimley Residential’s Southeast portfolio is growing. Early last year, the company bought Preserve at Hardin Valley, a 296-unit community in Knoxville, Tenn., for $48 million from a joint venture between Crescent Bend Development and Cumberland Advisors, according to Yardi Matrix.
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:
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.
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…
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.
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 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.
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.”
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 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.