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.

Apartment Communities in Winston-Salem and Greensboro Sold

The Triad Business Journal recently published a story about the sales of two Triad apartment communities:

Six affiliates of the New Jersey-based WG Portfolio are the new owners of Twin City Townhomes in Winston-Salem. The companies paid $10.15 million for the apartment community, according to records on file with the Forsyth County Register of Deeds…

The companies owned the complex for less than a year, paying $7.8 million on Nov. 29, 2017, according to Forsyth County property records. The property occupies about 40 acres and has 27 buildings…

In Greensboro, Margate on Cone Apartments also has new owners.

According to the Guilford County Register of Deeds, Margate CGC LLC of New York and Beth Cone LLC of California paid about $10.6 million for the apartments at 900 E. Cone Blvd…

The complex last sold in 2005 for $6.9 million

Chapel Hill Investment Group Buys Two Triad Properties

Prudent Growth Partners, based in Chapel Hill, has purchased two apartment communities in the Triad in the last month, one in Greensboro and one in Reidsville. From the Triad Business Journal:

Prudent Growth Partners has bought the Cambridge on Elm apartment complex in Greensboro for $1.26 million…

The property, which consists of 24 two-bedroom units and 12 one-bedroom units, is 95 percent occupied…

The acquisition is the second in two weeks in the Triad for Prudent, who purchased the Oakmont Apartments in Reidsville for $2.32 million on June 15.

 

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.

The Hedges Apartments Sold for $2.6 Million

The Hedges Apartments, a 92-unit community in Greensboro, has been sold for $2.6 million. From an article in the Triad Business Journal:

The Hedges Apartments complex in Greensboro was bought by The Hedges at Greensboro LLC, an entity managed by Dawn Properties Inc., which focuses on the acquisition and development of multifamily properties.

The 92-unit complex previously was owned by The Hedges Apartments LLC, an entity managed by Greensboro-based Brantley Properties, which purchased the property in January 1997 for $5.2 million.

Built in 1983, the apartment community sits on 16.75 acres at 4901 Lawndale Drive, near Cotswald and Battleground avenues. It has a total assessed value of $2,604,300, according to Guilford County tax records.

Landmark Apartment Trust of America Buys Mission Battleground Park

From MHN Online:

Landmark Apartment Trust of America, a REIT that owns about 16,000 units in various Southern metro areas, has acquired two multifamily properties in two separate deals for a total price of $37 million. One is in Nashville, Tenn., and the other is in Greensboro, NC…

The Greensboro property is Landmark at Battleground Park, a 240-unit apartment complex. Formerly known as Mission Battleground Park, it’s located at 3520 Drawbridge Pkwy. and was built in 1990…

Landmark at Battleground Park boasts a community clubhouse and playground. Landmark Apartment Trust says it plans to renovate all of the units at both properties.