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.

 

Collegiate Courtyard Sold for $2.1 Million

From the Triad Business Journal:

Pompano Beach, Fla.-based investment group Pragma Investments bought the 48-unit Collegiate Courtyard student housing community at 1000 Bitting St. in Greensboro for $2.1 million.

Pragma Investments acquired the Collegiate Courtyard apartments from Courtyard Greensboro LLC, an entity managed by Dallas-based commercial mortgage-backed security special servicer Orix Capital Markets, LLC.

Oaks at Spring Garden Sold for $3.5 Million

From the Triad Business Journal:

A Florida investment firm has purchased the four-building Oaks at Spring Garden student housing community in Greensboro for $3.5 million.

The community at 2119 Spring Garden St. is west of UNC-Greensboro’s campus and includes 48 units with 192 total bedrooms. It was sold Sept. 27 by 2119 Spring Garden Street LLC to Pragma Investments, a firm that specializes in multi-unit housing investments…

The complex was built in 1991, and was purchased in 2011 by New York-based Stabilis Fund I LP for $1.7 million at public auction following a foreclosure.

The 3.1-acre property was then transferred to 2119 Spring Garden St. LLC and is appraised at $2.9 million for tax purposes.

Waterford Place Purchased by Brookfield

From the Triad Business Journal:

Brookfield (NYSE: BAM), a multibillion-dollar asset management firm, acquired the portfolio from Babcock & Brown Residential. The total purchase includes 4,893 rental units, which were 92 percent occupied at the time of sale, and will bring Brookfield’s portfolio to about 20,000 units throughout the U.S…

Greensboro’s Waterford Place apartment complex was included in the deal. The new owners agreed to assume the Waterford Place mortgage taken out in 2005 for a total of $20.3 million, according to an assumption agreement filed in Guilford County.

Brookfield affiliate Fairfield Residential will assume management of the properties. Robert W. Baird & Co. advised the seller, Babcock & Brown Residential, in the portfolio disposition.