The property formerly known as Northwinds was sold and the new owner is planning on making upgrades. From Multi-Housing News:
Arcan Capital has acquired Village 1373, a 332-unit, garden-style community in Greensboro, N.C., for $21.3 million from Southwood Realty, per Yardi Matrix information. Hunt Real Estate Capital has originated a $21 million, three-year acquisition and renovation loan for the buyer, according to Guilford county recorded documents.
Located at 1373 Lees Chapel Road, the property formally known as Northwinds is less than 6 miles from downtown Greensboro. The community offers one-, two- and three-bedroom apartments in 17 three-story buildings. Amenities include two pools, a fitness center, a tennis court and a playground. The asset had an 89.5 percent occupancy rate as of January.
rcan intends to use the Hunt-originated financing to upgrade the interiors, exteriors and common areas. “While the former owner maintained the property, it has not undergone any renovations or improvements for the past 11 years,”said RJ Guttroff, managing director at Hunt, in prepared remarks. “Upon acquisition, the new owners will rebrand the property and implement a capital improvement plan exceeding $4 million to upgrade and reposition the property.”
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.
The Triad Business Journal recently published a story about the sales of two Triad apartment communities:
The complex last sold in 2005 for $6.9 million
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.
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.
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.
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.