Student Property in Greensboro Sold

Spring Place Apartments in Greensboro, near UNCG, was sold to a Chicago-based real estate investment company that specializes in student housing. From an article in the Triad Business Journal:

A large Triad student apartment community has sold for $23.15 million, according to records with the Guilford County Register of Deeds.

OC Ventures, a Chicago-based real estate investment firm specializing in student housing, bought Spring Place Student Apartments at 3610 Clifton Road in Greensboro, near UNC-Greensboro, through 3610 Clifton Road Associates LLC. The sale was recorded in Guilford County April 8…

Built in 2009, Spring Place has 164 units on 13.2 acres. 

Burkely Buys Greensboro Student Properties

PTAA member Burkely Communities has continued to expand its student housing portfolio with the purchase of four properties in Greensboro. From a Triad Business Journal article:

Burkely’s Spartan Student Apartments LLC purchased Chancellor Park Apartments, Sterling Park Apartments, Spartan Crossing Apartments and Spartan Square Apartments.

Burkely paid $9.86 million for 24-unit Chancellor Park and 36-unit Sterling Park; $5.1 million for 40 units at Spartan Crossing; and $1.175 million for 12-unit Spartan Square.

Burkely bought Chancellor Park and Sterling Park from GBORO AG UNCG LLC, an entity of United Student Housing of New York City. Burkely bought the Spartan Crossing units from Greensboro’s Granwood Properties LLC and acquired Spartan Square from a separate LLC made up of Granwood members.

The School at Spring Garden Changing With the Times

PTAA board member Amanda Williams was recently interviewed about her company’s planned upgrades for its The School at Spring Garden property. From the article:

BSC Holdings has operated The School at Spring Garden since 1995, when college students typically wanted apartments with four bedrooms and two bathrooms.

Students now want private space in smaller apartments, often a one-bedroom, one-bath place or at most, two bedrooms with two bathrooms, said Amanda Williams, vice president of BSC Holdings.

So the company will soon begin gutting original four-bedroom units and reconfiguring the apartments in the historic Pomona High School so it can keep attracting students from UNC-Greensboro…

The plan is to break up 59 apartments and increase the number to 80 smaller units when the process is complete over several years.

The proposed project requires a rezoning so BSC Holdings is currently working with the city planning department and meeting with the Lindley Park Neighborhood Association to make sure they support the rezoning when it goes before the zoning commission and city council.

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.

New Management Rights the Ship at Greensboro Student Property

PTAA member Burkely Communities received some positive press for the work it’s doing at The District:

A private student housing complex serving UNC-Greensboro, Greensboro College and other area schools that was cited for more than 100 code violations at the end of last year has been cleaned up under its new management team, Burkely Communities, according to company and city officials…

Burkely CEO Sterling Kelly said the building owners had already made a significant investment in repairs prior to his company’s involvement, including an overhaul of the heating and air conditioning system. But a long list of deferred maintenance items had grown overwhelming, so his team has been tackling it systematically during the past several months.

“The work required to fix those items just hadn’t been getting done, though they were relatively inexpensive things like electrical receptacles pulled out of the wall or plumbing leaks or exit doors not closing so the building wasn’t secure,” Kelly said. “Rome wasn’t built in a day and there are still some more things the owner may choose to do, but the first order of business has been doing what was necessary to make the building what I would consider habitable.”

Kelly goes on to say that their work at The District is far from done and they’re concentrating on marketing the property in a similar fashion to their other student properties – moving away from promoting amenities like pools and game rooms and focusing instead on promoting an environment geared towards the more serious students. (You can read more about Burkely’s approach here.)

 

 

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.

New Management, New Name and Upgrades for Cascades Grandview

From the Greensboro News & Record:

The former Cascades Grandview at 830 W. Market St. is receiving more than $1 million in repairs and upgrades. Leasing — to college students only — is under way for the upcoming academic year.

The 10-story building, which opened as a hotel in the 1960s, also has a new name:District at West Market

The high-rise is leasing 228 furnished one-bedroom units for $494 a month with basic utilities included.

The building is 26 percent leased for the fall semester. McElvee said the company wants 95 percent occupancy by mid-August.

“We have a lot of work to do,” she said.

Campus Crest Buys 29 Acres in Downtown Greensboro

From the Triad Business Journal:

Student housing developer Campus Crest has purchased the historic J.C. Price School property and an adjacent parcel from Greensboro College for $3.75 million, according to county property records…

Campus Crest is a builder of resort-style student housing, with a total of 39 properties spread across 18 states in its portfolio including six new projects delivered in 2012, according to its annual report. According to its website, it hasn’t built or acquired a property in North Carolina since its first one in Asheville, where the company was founded in 2004 before moving to Charlotte two years later.