Hawk Ridge Apartments in Winston-Salem Sell for $9.1 Million

A Utah-based company has purchased Hawk Ridge apartments in Winston-Salem:

Peak Capital Partners, of Provo, closed on the purchase on Sept. 29 under the entity RW Hawk Ridge LLC, according to county records…

The apartments were sold by SpyglassCapital Partners LLC, a New Jersey-based niche private equity firm. Spyglass bought the apartments in June 2011 for $6.6 million, county records show…

“We completely repositioned the tenant base, pushing rents, improving occupancy, and reducing bad debts and delinquencies,” Spyglass stated. “These improvements, along with rigorous cost control, enabled us to grow Hawk’s annualized net operating income from under $400,000 to more than $700,000 by 2Q14.”

 

October 28, 2014 at 12:51 pm Leave a comment

Fox 8 Story on vacancy rates in the Triad

Jon Lowder:

PTAA member The Greenway at Fisher Park is featured in this Fox8 story on the new vacancy and rent report from Real Data.

Originally posted on myfox8.com:

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GREENSBORO, N.C. — The apartment vacancy rate in the Triad is the lowest it has been in a decade, according to a report released by a Charlotte research firm. In fact, the report shows demand for rental properties is so high that more than 93 percent of apartment units in the Triad are currently occupied.

The Greenway at Fisher Park apartments in downtown Greensboro has been particularly successful.

“Right now we’re 100 percent occupied, so we actually have a waitlist for the next year. We’re also in preparations for our second phase right now,” said Hannah Boyd, property manager at Greenway at Fisher Park.
Kerri Person, with Rent-A-Home of the Triad, says the same is true for all types of rental properties, like duplexes and houses.

“Our rent values have trickled up some. The key though I think to renting the property quickly is having it priced…

View original 153 more words

October 23, 2014 at 3:21 pm Leave a comment

Piedmont Triad’s Apartment Vacancy Rate Falls to 6.5%, Rents Rise 2.1%

The latest report for the Piedmont Triad apartment market was just released by Real Data and it’s full of good news for the industry:

  • The overall vacancy rate is 6.5%, down from 6.9% six months ago and 7.3% in Sep ’13
  • Same-store rent is up 1.5% over the last six months, and 2.1% since Sep ’13
  • Downtown Winston-Salem and Greensboro are the most active submarkets in the Piedmont Triad

If you’d like to learn more you’re in luck. PTAA is hosting an Industry Forecast Breakfast this Thursday during which industry analyst Jessica Rossi will use Real Data’s report as a basis to:

  • Describe the national demographic shifts that are driving apartment demand and explore how the Triad measures up?
  • Provide an overview of recent market performance measures in the Triad, including net absorption, vacancy, and rents; how does this compare to other markets in the Southeast?
  • Look at the inventory of apartment development by Submarket; where are the hotspots?

You can also get a full report from Real Data, including numbers on individual properties and breakdowns by submarket (Central Guilford, Northwest Guilford, Central Forsyth, etc.), by visiting their website at www.aptindex.com.

October 21, 2014 at 3:54 pm Leave a comment

Bencini for High Point Mayor Among PTAA Recommendations for Upcoming Election

Representatives of the Piedmont Triad Apartment Association interviewed candidates for the offices of High Point mayor and city council and based on those interviews feel that the following candidates would be the best for the future development of High Point:

Mayor
Bill Bencini

City Council
At-Large (two seats) – Latimer Alexander and Britt Moore
Ward 1 – Jeff Golden
Ward 2 – Jerry Mingo
Ward 3 – Alyce Hill
Ward 4 – Jay Wagner
Ward 5 – Jim Davis
Ward 6 – Jason Ewing

It’s important to point out that our representatives considered candidates from an overall leadership and economic development standpoint, and not exclusively from an apartment industry standpoint. Our representatives feel that High Point is at a critical juncture; it’s coming out of a two year period during which the mayor faced legal problems that eventually led to her resignation and thus the council experienced a leadership vacuum and an extended period during which much of the city council’s business was largely put on hold. At the same time the long-serving city manager is retiring and the newly elected council’s first job will be to identify and hire a new manager. Needless to say the decisions made over the next year will affect the city for years to come and so our representatives’ recommendations were made with that in mind.

Election day is November 4 and early voting begins October 23. Here is a link to the early voting schedule and locations, and here’s a link to a sample ballot. No matter who you decide to vote for what’s most important is that you make sure your voice counts, and the only way to do that is to vote so get out there and do it!

October 16, 2014 at 5:13 pm Leave a comment

Shhhh!

In a survey of residents commissioned by Multifamily Executive the most valued feature in their building was…quietness.

Quietness isn’t often thought of as an amenity, and yet it’s what renters value most. On a scale from zero to 10 (10 being most important), multifamily residents rated quietness in their building as its most important factor, with an 8.73 score overall. This was a higher showing than location-based factors such as walkability, or in-unit features such as energy-efficient appliances.

The survey respondents also identified grocery stores as the most desired type of retail or entertainment to have in the neighborhood. The top keywords used in responses to open ended questions? Parking and pools.

October 15, 2014 at 8:16 pm Leave a comment

Rents Rise, Residents Double Up

According to this piece in AOL Real Estate more and more adults are living with roommates due to rising rents:

Nearly a third (32 percent) of adults live in doubled-up households, or homes where two or more working-aged adults live together but aren’t married or partners. The share of doubled-up households has steadily risen over the past decade, up from 25.4 percent in 2000 and 30.8 percent in 2010.

This rise in doubled-up households coincides with rental prices that are increasingly unaffordable nationwide. Americans making the national median income ($53,216) should currently expect to spend nearly 30 percent of their monthly income on rent, the highest rate ever. Rather than moving to a smaller home or to a less expensive area, many people are choosing to live with roommates.

Not surprisingly the cities with the highest shares of households with roommates are those with high demand and low availability. Think San Francisco, New York, LA, etc.

October 15, 2014 at 8:01 pm Leave a comment

Phillips Buys Chandler Concrete Site in Greensboro

Kevin Phillips, managing partner of Phillips Management Company, has purchased the Chandler Concrete site on Mill St. between Battleground Ave and Westover Terrace in Greensboro (see map below). While plans for the site itself weren’t detailed there was an interesting twist that will benefit the Greensboro community at large. From the Triad Business Journal:

Prior to the sale, Thomas Chandler Jr., president of Chandler Concrete Co., signed the restrictive covenant which agrees to cease use of the rail line running behind the Mill Street property.

That agreement sets the stage for further development of both the Atlantic & Yadkin Greenway along Battleground Avenue and the 1-mile western leg of the Downtown Greenway, said Dabney Sanders, the Downtown Greenway project manager with Action Greensboro…

“We are now in the process of determining potential uses and development of this property,” Mill Street Commons LLC said in an emailed statement. “We are supportive of Greensboro’s continued economic growth and the expansion of its nationally renowned greenways and trail systems, and look forward to working with a wide range of city, county and community leaders as we explore ideas for this property.”

October 14, 2014 at 7:56 pm Leave a comment

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