Signature Property Group has sold The Lodge at Lakeshore, a 132-unit community in Greensboro, to Triangle Real Estate/Southwood Realty of Gastonia. The purchase price was $13.25 million, or $100,379 per door. More details from an article in the Triad Business Journal:
Built in 2006, The Lodge at Lakeshore offers one- and two-bedroom apartments. It was approximately 95 percent occupied at closing. The community’s amenities package includes a pond with kayak rentals, grilling areas, fitness center, clubhouse, business center, car washing station, and a one-acre pet park. ..
With the purchase, Triangle/Southwood added to its Triad apartment portfolio, which includes Alamance Reserve in Burlington, Ambassador Court in High Point and The Reserve at Regents Center in Lexington. Triangle/Southwood paid $25 million for Alamance Reserve in March 2018.
Signature Property Group, a longtime presence in the Greensboro apartment market, is ready to expand into other Triad markets:
Work should begin next month on a $32 million, 288-unit complex in Burlington around the same time work starts on a $30.2 million, 264-unit complex in Mebane.
Signature CEO Frank Auman said he’s excited to begin building in both cities, and the locations of each fit into a model he says has proved successful — within walking distance of amenities, and close to interstate access.
“We want to expand our presence outside the market,” Auman said. “My strategy is to first move toward the greater Raleigh area, so we’re kind of marching in that direction.”
As part of his explanation for why he sees potential in this sector of the apartment market, Auman was quoted as follows:
“Our rental demographic keeps expanding, especially in this rental class,” he said. “You’re as likely to get recently graduated college kids on their first job as you are to get retirees who are tired of mowing the grass and want to be more mobile.”
You can read the full story here.
The Carroll Cos. has once again expanded its local apartment portfolio with the purchase of Signature Property Group’s NorthPoint Apartments in north High Point:
Developer Roy Carroll announced today that his company has purchased NorthPoint Apartments, located at 4375 Regency Drive in north High Point, for nearly $26.5 million, or $91,965 per unit.
The 288-unit upscale community was completed this summer and sits on 16.74 acres near I-40 and the Piedmont Triad International Airport along N.C. 68. Guilford County tax records indicate that it has a total assessed value of nearly $16.9 million.
According to this piece on Triad Business Journal’s site, Signature Property Group’s sale of CityView to The Carroll Cos. was motivated by their need to free up capital for projects outside of the Triad:
The sale, a first for Signature in its 25 years of business, lifts constraints on cash resources, allowing the group to develop four more properties in the year ahead, said owner Frank Auman.
“The main reason we’re selling it is to fund expansion outside the Triad,” he said. “We currently have three properties under contract between Raleigh and Burlington, and we are in negotiations with a fourth in the Raleigh area. We plan to start two this fall and two next spring.”
He declined to provide further information about those plans.
The Carroll Cos motivation for the purchase seems to be deepening its presence downtown:
Carroll said the acquisition will help The Carroll Cos. take advantage of a “variety of synergies and operating efficiencies that come from owning three projects just blocks from each other in downtown.”
CityView joins Carroll’s other major downtown projects: Center Pointe, 98 luxury condominiums in a 17-story toweron North Elm Street; and Bellemeade Village, a large-scale mixed-use project planned near NewBridge Bank Park. Bellemeade Village, a $50 million project that will include a Hyatt Place hotel and 300 upscale apartments, could see site work begin “any moment,” Carroll said Wednesday.
The Triad Business Journal has a piece about PTAA-member Signature Property Group’s busy construction schedule this year:
Construction has started on the 216-unit second phase of Signature’s Gardens at Anthony Place multifamily project in southeast Greensboro.
The project at 3211 Pleasant Garden Road will add to the existing 384-unit development, bringing it to 600 units total. Adding the 216 units cost about $15 million when complete by the end of January…
Meanwhile, Signature is moving forward with its planned expansion of the popular CityView Apartments at Southside complex…
Signature’s plans include adding as many as 47 units and an 8,000-square-foot clubhouse on three separate sites along Victor Place and King Street…
And Signature is also at work on a third project, a $20 million, 288-unit High Point multifamily complex. The firm is finalizing approval on that development near the Piedmont Centre business park in north High Point.
Signature Property Group is planning to expand its CityView community with more units and an 8,000 sf amenities center:
The expansion would be spread over three separate sites on just under two acres adjacent to current CityView property…
The first site is an existing warehouse on the corner of King Street and Victor Place that Signature would renovate into about 10 units. Signature purchased the site out of foreclosure from Carolina Bank for $223,000 about a month ago.
The second site, at 310 Victor Place, is home to Clyburn Concrete Co. Signature has a contract to purchase it for about $220,000 and will build about 18 to 24 units.
Contract terms are still in negotiations for a third piece of land that includes an existing warehouse. Signature would renovate that site to 13 units and include an 8,000-square-foot amenities space.