Canadian Company Continues Piedmont Push

A fairly recent entrant to the Piedmont Triad apartment market is bullish on the region and has decided to invest in another property. According to the Triad Business Journal, Living Well Homes has purchased Hunt’s View Apartments, adding to a portfolio that already includes Ashley Oaks Apartments and Hidden Lakes Apartments. From the article:

Living Well Homes, a Canadian-based company, acquired its third Greensboro apartment community since 2015, buying Hunt’s View Apartments at 3901 Battleground Ave. for $20.5 million, with plans to make $2 million in improvements…

Living Well bought Hunt’s View from a Raleigh-based LLC, which had owned it since 2011.

Driscoll said upcoming projects will include renovations to the leasing office and clubhouse with improvements to the business center, resident lounge and fitness center; new poolside pergolas and resort-style sundeck furniture; renovations of units with upgraded design features; repainting and repairs to building exteriors and added landscaping; new signage and color scheme; enhancements to the dog park and the addition of a pet washing station; and improvements to the car care center.

Also mentioned in the article is the purchase of Market Sation Apartments for $15 million by two LLCs managed by Eric Richelson of White Plains, NY. Richelson Management will manage the community.

Ashley Oaks Undergoing Renovations

Ashley Oaks, which was recently purchased by Living Well Homes, is undergoing renovations according to this article in the Triad Business Journal:

Living Well already has work underway on the landscaping, including cutting down overgrowth and trimming trees for enhanced views, but the firm also is planning a major overhaul to other areas of the complex, including its exterior, which is expected to get a new color scheme and logo.

Each of the 252 apartments will be renovated with updated cabinets, bathrooms, flooring and finishes, according to Living Well spokeswoman Andee Shuster. Plans are also in place to update the leasing office and clubhouse with new flooring, furniture, a flatscreen TV, coffee bar and modernized business center.

Living Well also expects to expand the pool deck and repurpose an unused tennis court, as well as update the fitness center, relocate and expand a kids’ zone and add smart card technology to the laundry rooms…

One- and two-bedroom apartments, at 730 square feet and 1,000 square feet, rent for $650 to $750, respectively.