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.
This is probably one of the bigger acquisitions we’ll see in the apartment industry:
Bob Faith’s goal is for Greystar Real Estate Partners to become the No. 1 or No. 2 apartment operator in most U.S. markets. Buying the competition is catapulting him toward that dream.
The acquisition of Dallas-based Riverstone Residential’s massive portfolio adds more than 170,000 units to Greystar’s platform, securing its place as the largest national property manager, by far.
The deal closed Monday for an undisclosed amount and was announced Wednesday. Faith says it was a deal that stemmed from long-term relationships and friendly competition.
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.