237-Unit Class-A Greensboro Apartment Community is Sold

Carlisle Residential has sold its Encore North community in Greensboro to Grimley Residential. The 237-unit community sold for $34.3 million, or $144,725 per door. Here are more details from an article in Multi-Housing News:

Carter-Haston will manage the community on behalf of the new owner. Built in 2017, the apartment property offering one- and two-bedroom homes is located at 3619 N. Elm St., less than 5 miles north of downtown Greensboro.

The community was built by Lomax Construction and comprises five three-story buildings, with an occupancy rate of nearly 94 percent, according to Yardi Matrix data. Amenities include a fitness center, swimming pool, resident lounge and dog park…

Grimley Residential’s Southeast portfolio is growing. Early last year, the company bought Preserve at Hardin Valley, a 296-unit community in Knoxville, Tenn., for $48 million from a joint venture between Crescent Bend Development and Cumberland Advisors, according to Yardi Matrix.

Apartment List Data: Winston-Salem Had Fastest Nationwide Median Rent Growth Last Month

According to data released by Apartment List, median rents (July,2017) in Winston-Salem and Greensboro were among the lowest in the 100 largest US metro areas, but they are growing. Winston-Salem came in at the 94th slot, with median 1BR rents of $640 and 2BR rents of $780. Greensboro came in at the 85th slot, with median 1BR rents of $710 and 2BR rents of $840.

Source: Apartment List

While the rents are low in the Triad, Winston-Salem’s rent growth is actually among the strongest in the country. Median rents there grew 1.8% from June to July (1st in the country), and 4.6% from July, 2016 to July, 2017 (26th in the country). Greensboro’s rent grew 0.5% from June to July (50th in the country), and 3.3% from

Greensboro’s rent growth wasn’t as spectacular as its neighbor to the west, but 0.5% from June to July (50th in the country), and 3.3% from July, 2016 to July, 2017 (43rd in the country) still beats a stick in the eye.

You can read the full report here.

 

Rents Up, Vacancy Up in the Triad

Real Data’s April 2017 report shows that rents increased by 1% over the previous six months, which brought the one-year growth to 3.5% overall. Vacancy rates rose from 5.6% to 6% over the prior six months, but that still left the vacancy rate significantly lower than the 7.5% the area experience in April 2016.

Real Data expects the vacancy rate to remain around 6% over the next year and rent growth to remain strong.

In terms of new development, they report 2,768 units under construction (1,799 in Guilford County) and another 2,079 proposed.

To access the full report, including individual property data, visit aptindex.com

What Have We Done for You Lately?

Below is the text of the 2016 version of the “year in review” letter sent annually by Executive Director Jon Lowder to PTAA’s members. You can also get a PDF copy here.

Dear PTAA members,

PTAA had a busy year working on your behalf. Here’s a partial list of our activities this year:

Government Affairs

  • Actively participated with AANC in successfully lobbying for passage of a law that prevents invasive and overreaching (and potentially expensive) inspection and registration schemes by cities/counties. This was the culmination of a five year effort to get this law passed on behalf of the industry.
  • Supported AANC’s filing of a “Friend of the Court” brief to the NC Supreme Court which contributed to the successful appeal of a ruling which would have required landlords to prove evictions were not unconscionable. The court affirmed that NC law only requires a landlord to show that the lease was breached and that the lease allows the landlord to re-take possession of the premises as a result.
  • PTAA’s representatives raised money on behalf of the AANC and NAA PACs and earmarked contributions for NC and US Representatives and Senators.
  • Participated in TREBIC’s two days of interviews with Guilford County commissioner candidates before November’s election.
  • Hosted a “Coffee with the candidates” event for all candidates running in local elections in Forsyth County, NC.
  • Was an active member of the Winston-Salem Chamber of Commerce’s Government Affairs Committee and had the prevention of inclusionary zoning added to its legislative agenda for 2017.
  • Participated in NAA’s Capitol Conference in Washington, DC in March. Met with all members of Congress from the Piedmont Triad to advocate for the apartment industry.
  • Participated in AANC’s Legislative Days in Raleigh in May. Met with all state representatives and senators from the Piedmont Triad to advocate for the apartment industry.
  • Organized a seminar to help our members better understand how to respond to the proposed new overtime rules.

Education

  • Had 6 students enrolled in the CAPS designation course, 13 students in the CAMT designation course, 17 students in the CAM designation course, and 15 students enrolled in the NALP designation course.
  • Provided Certified Pool Operator training, HVAC Best Practices and CFC training courses on multiple occasions.
  • Teamed with the local IREM chapter to put on Fair Housing and Beyond courses throughout the year.
  • Sold out our annual Legal Seminar.
  • Other classes included HVAC Best Practices, OSHA Compliance, Maintenance for Managers & Leasing Professionals, Emotional Support Animals and Reasonable Accommodation Requests, Industry Forecast Breakfast, Leasing Bootcamp, Life Lessons from Unstoppable Women, AANC Lease Updates, Show Me the Money: Financials
  • We worked with Goodwill Industries of NWNC and Forsyth Tech to incorporate the CAMT curriculum into their facilities maintenance program and to host job fairs for our members to meet graduates of the program.

Community Service

  • PTAA’s annual food drive raised over 125,000 meals (or cash equivalent) for Second Harvest Food Bank and featured participation from more member communities than ever before.
  • In July we partnered with the Winston-Salem Dash and the Greensboro Grasshoppers to host an event at one game with each team to help raise food for Second Harvest Food Bank and to provide our members with an opportunity to enjoy the ballgames as a group.
  • We continued working with Partners Ending Homelessness to help eliminate homelessness in Guilford County.
  • Echo Committee volunteered time for Second Harvest Food Bank; the committee also raised and donated $800 to YWCA in their efforts to help those in need.

Networking

  • Diamond Awards –500 people attended PTAA’s annual awards gala..
  • Golf Tournament – Over 100 golfers participated in the 2016 tournament and the players and sponsors all enjoyed some great weather at the Bryan Park course.
  • Trade Show –We had tremendous growth for the tradeshow this year with over 90 exhibit booths and our largest number of attendees ever.
  • We continued hosting casual networking events in Winston-Salem, Greensboro and High Point to give our members more opportunities to get together in their own neighborhoods.
  • In August, 2016 we held our Buzzworthy Bus Tour: Adaptive Reuse Communities. We visited properties from Mebane to Winston-Salem that were all adaptive reuses of historic buildings.
  • In November the ECHO Committee hosted PTAA’s first kickball tournament.
  • PTAA worked with the National Apartment Association to purchase bulk registration’s to NAA’s Education Conference in June and then pass the savings along to members. As a result PTAA members sent a record number of attendees to the conference while saving hundreds of dollars per registration.

We look forward to serving you in 2016-17, and we’d love to help you in any way we can. If you would like more information on PTAA’s programs please give us a call at 336- 294-4428 or visit our website at www.piedmonttaa.org.

Sincerely,

Jon Lowder
Executive Director
Piedmont Triad Apartment Association

Maryland-Based Apartment Management Company Enters Triad Market

ROSS Management Services of Bethesda, MD has entered the Piedmont Triad apartment market for the first time as it takes over management of Twin City Apartments in Winston-Salem. From the press release announcing the move:

The 285-unit community will mark the first North Carolina-based property management project for ROSS Management Services, which was selected by multifamily operator Cedar Grove Capital to oversee the daily operations of the community. ROSS will aim to strengthen Twin City’s digital presence and online reputation while giving the community an advertising boost. ROSS also will implement community upgrades and improve on-site operational efficiency.

“Our plan is to develop a presence in North Carolina, and we believe Twin City is a fantastic place to start,” said Dave Miskovich, chief operating officer of ROSS Companies. “This community has substantial upside, and we believe the addition of our comprehensive, award-winning marketing program will reach new target demographics to drive occupancy and revenue growth.”…

Twin City consists of townhome and garden style apartments and features lofts, 1-, 2-and 3-bedroom homes with spacious floor plans and ample closet space. The community includes an in-ground pool, recreation room, laundry facilities and an abundance of off-street parking.

With the addition of Twin City Apartments, ROSS Management Services currently operates 30 apartment communities, representing more than 10,000 units, in the mid-Atlantic region.

Signature Property Group Venturing Into Mebane

Hot off of its sale of its City View Apartments to Carroll Companies, Signature Property Group is venturing outside the bounds of Greensboro and developing 264-unit apartment community in Mebane:

A 264-unit apartment complex on South N.C. 119 is the most recent residential project approved by the Mebane City Council.

On Monday night, council members approved a request by Signature Property Group, Greensboro, to construct what the city’s agenda referred to as a “high-end” development on the western part of 22.5 acres on South N.C. 119 extending back to Holmes Lane…

The $25 million complex will be a gated community targeting “folks who could afford to buy a single-family home and just for some reason are choosing not to,” Coker said.

Coker said rents for the one- and two-bedroom units would range from $800 into the $1,000s.

It will feature amenities like a pool, clubhouse, fitness center, dog park, on-property bike trail, stainless steel appliances, 9-foot ceilings and solid wood cabinets.

Greenway at Stadium Park Set to Open on June 1

The 68-unit Greenway at Stadium Park in Greensboro is set to open on Monday (6/1/15) and the owners expect to be leased up within 60 days.

The demand for downtown living in Greensboro remains strong, with developers projecting near 100 percent occupancy in as little as 60 days after a 68-unit community opens Monday.

The Greenway at Stadium Park, a $6 million undertaking by brothers Jim and Steve Jones at the corner of North Eugene and West Smith streets, was developed after the success of its sister property, the $10 million, 196-unit Greenway at Fisher Park complex next door. That complex continues to see occupancy rates well over 90 percent.

Stadium Park apartments is a boutique community that is smaller than its sister but still offers unique amenities. Those include a lounge and kitchen open to the resort pool, cabana, grilling deck and a fourth-floor lounge that overlooks the NewBridge Ballpark. The community is 35 percent pre-leased, according to a news release from the developers.

Lofts at Little Creek Primed for Phase 2

BSC Holdings is getting ready to develop Phase 2 of its Lofts at Little Creek community off of Hanes Mall Blvd in Winston-Salem:

Image from Winston-Salem Journal April 9, 2015 Issue

The name of BSC Holding’s new $10 million project, which is expected to be ready for renters in spring 2016, is The Lofts Hillside at Little Creek. The initial 148,000-square-foot building will have 88 apartments, offering primarily two-bedroom units with two baths and office space. It will have several units with one bedroom and 1 ½ baths.

“It will be the same architecture and same finishes as the Lofts at Little Creek,” said Amanda Williams, the vice president for BSC Holdings, which is based in Greensboro.

The two-bedroom units will range from 1,200 to 1,400 square feet. The one-bedroom units will be 925 square feet.

Amenities will include nature trails and a large dog park, and an additional pool and fitness center. Monthly rent will run from $950 to $1,450.

Beacon Nixes Lexington Deal Due to LIHTC Miss

From the Triad Business Journal:

Beacon Management Corp. has called off plans to build a 56-unit apartment project in Lexington, at least for now.

The project on Talbert Boulevard depended on low-income housing tax credits from the state, and Greensboro-based Beacon didn’t get them, theLexington Dispatch reported.

Patrick Theismann, vice president of Beacon, told the newspaper that his firm is considering whether to resubmit its plan in hopes of getting the credits. The project, consisting of 14 single-story buildings, was to include 28 one-bedroom and 28 two-bedroom apartments.

Apartment, Retail Project Proposed for Elon

From the Burlington Times-News:

The Board of Aldermen will consider voting in favor or against the proposed 53,579-square-foot building, which will feature commercial properties on a portion of the first floor and apartments geared toward Elon University students in the remaining spaces, during its meeting Tuesday evening.

The land on Haggard Avenue, currently an empty space between Skid’s Restaurant and a residential house, is owned by Elon University, but the proposed building would be developed by EDG Properties LLC, the same company that built the three-story Elon Town Center building in 2011. This new project is called “The Park Place at Elon.”…

The second, third and fourth floors of the newly proposed building, along with a portion of the first floor, facing the Elon University-owned Oaks Apartment dormitories, will be apartments, while the remaining 6,180 square feet on the first floor, facing Haggard Avenue, will consist of retail space, McDonald said. He is in preliminary discussion with a small pharmacy for space at the corner of the building with a small grocery store taking the remaining space, he said.