Chapel Hill Investment Group Buys Two Triad Properties

Prudent Growth Partners, based in Chapel Hill, has purchased two apartment communities in the Triad in the last month, one in Greensboro and one in Reidsville. From the Triad Business Journal:

Prudent Growth Partners has bought the Cambridge on Elm apartment complex in Greensboro for $1.26 million…

The property, which consists of 24 two-bedroom units and 12 one-bedroom units, is 95 percent occupied…

The acquisition is the second in two weeks in the Triad for Prudent, who purchased the Oakmont Apartments in Reidsville for $2.32 million on June 15.


July 6, 2016 at 10:04 pm Leave a comment

Forsyth County Housing Still Considered Affordable

A recent RealtyTrac report finds that housing in Forsyth County is still affordable. From the Winston-Salem Journal:

RealtyTrac, a national real-estate research company, said average homeowners in Forsyth needed to put 22.9 percent of their monthly household wages toward their mortgage during the first quarter. The data is available only by county.

The affordability range was based on a wage of $883 a week for an $111,994 house with a 3 percent mortgage interest rate. Historically, the average homeowner spent 25.6 percent of household wages for the mortgage.

RealtyTrac has maintained a “buy” recommendation for the Forsyth housing market, based on a $1,059 monthly rent-to-own payment requiring nearly 30 percent of the average household income.

Here are numbers for other urban counties in the state:

For Guilford County, the RealtyTrac report determined 24.2 percent of weekly wages was required to buy a $144,500 home, the median sales price in the market.

For Mecklenburg County, the report determined 25.5 percent of weekly wages was required for a $208,000 home, the median sales price in the market.

For Mecklenburg County, the report determined 25.5 percent of weekly wages was required for a $208,000 home, the median sales price in the market.

July 6, 2016 at 7:01 pm Leave a comment

HAWS to Request City Funds for Acquisition of Property

Triad City Beat has an article about the Housing Authority of Winston-Salem’s (HAWS) efforts to buy a property near its Cleveland Avenue Homes community:

The Housing Authority of Winston-Salem plans to request financial assistance from the city to pay for the acquisition of a blighted complex known as New Hope Manor Apartments that is wedged between Cleveland Avenue Homes and Fairview Park — potentially a key aspect of an ambitious plan to transform the neighborhood.

The anticipated request comes on the heels of a unanimous vote by city council on June 20 to the join the housing authority as a co-applicant for a federal Choice Neighborhoods grant as part of an ambitious plan to transform the area surrounding the Cleveland Avenue Homes public-housing community.

The city’s participation includes a pledge of $4.5 million to pay for business façade improvements, neighborhood broadband, a revolving loan for businesses, streetscaping and land for new parks and other public spaces in the area.

HAWS representatives have talked to the lender on the property and learned that the lender is willing to dispose of the property at a significant loss. They are concerned that it will attract a low-ball investor who will put minimal effort into revitalizing the community.

Ritchie Brooks, Winston-Salem’s director of community and business development, wrote in a memo that “HAWS believes this could provide an appealing opportunity for an absentee investor to purchase the property, do some minimal rehab, and then continue to operate the property as untenable multifamily housing, perpetuating the blight and inhibiting the development of the surrounding area.” As a result HAWS is asking the city for $1.7 million to help “acquire, demolish, abate, rehab and operate the property in a sustainable manner.”

July 6, 2016 at 6:41 pm Leave a comment

Rent Increases Cool Off

From The Wall Street Journal:

Increases in apartment rents slowed this spring, typically the period when landlords drive the hardest bargains, suggesting the once-booming market is beginning to cool.

Rents increased by 4% in the second quarter over the same time last year, according to real-estate researcher Reis Inc. That was less than the 5% year-over-year growth in the fourth quarter of last year, which marked the biggest jump in rents since the dot-com boom in the early 2000s.

Another research firm, Axiometrics Inc., showed an even sharper slowdown in year-over-year rent growth, to 3.7% in the second quarter from 5.1% in the same period last year.

But, rents are still rising faster than historical averages:

While overall rent growth is cooling and some developers are struggling to get the rents they anticipated, the market remains historically strong. Rents are still rising well above the long-term average of about 3% a year…

More than 127,000 new apartments were filled in the second quarter, easily exceeding the 67,550 units that were built during the period, according to MPF.

July 6, 2016 at 6:13 pm Leave a comment

A Different On Site Living Experience

How’s this for a different kind of on site living experience?

In the early to mid twentieth century, the majority of the city’s libraries had live-in superintendents. Like the superintendents who still live in many of the city’s residential buildings, these caretakers both worked and lived in the buildings for which they were responsible. This meant that for decades, behind the stacks, meals were cooked, baths and showers were taken, and bedtime stories were read. And yes, families living in the city’s libraries typically did have access to the stacks at night—an added bonus if they happened to need a new bedtime book after hours…

The family, who were joined by Rose Mary’s younger brother Terrence in 1945, lived in the library until Patrick Thornberry retired as the building’s superintendent in 1967. Their home was in what the library now refers to as the “closed stack” (a locked stack reserved for rare books). While the closed stack is currently sealed off to daylight to protect its rare contents, when the Thornberrys lived in the library, it was a light-filled and vibrant space. But the family was by no means confined to their apartment. They also enjoyed a penthouse-level garden and after hours, access to the library’s stacks and large reference rooms too.


July 5, 2016 at 9:28 pm Leave a comment

Apartments in Whitaker Park

The redeveloper of Whitaker Park, the former RJ Reynolds manufacturing campus in north Winston-Salem, has indicated that an out of town developer is potentially building 185 to 210 apartment units. From the Triad Business Journal:

Construction could start by the late first quarter or early second quarter of 2017, Leak said.

“This is a mixed-use project that we are going to develop so the hope is that there are going to be a lot of jobs created by companies in other parts of that park and so some of them might want to live approximate to where they work,” Leak said.

He added that there is an opportunity for the developer to market the units to Wake Forest University basketball and football fans who come into town for the games.

July 5, 2016 at 2:59 pm Leave a comment

Inspections Bill Headed to Governor

From the desk of Apartment Association of North Carolina Executive Director Will Brownlee comes news of a significant legislative victory for the apartment industry in North Carolina:

Thrilled to report that S326 HAS PASSSED THE SENATE this afternoon by a 42-1 vote and is being sent to the Governor for his signature.  When signed, it is set to become law effective January 1, 2017.

This is an enormous victory for the NC apartment industry, a culmination of nearly 5 years of effort – enacting laws that will help protect our industry from invasive and overreaching inspection and registration schemes and restore a reasonable balance between the interests of landlords and cities/counties moving forward.  Many thanks to those of you who reached out to your Representatives and Senators this week;  based on reports received from Colleen and her team, several reported back that they had heard from you, and that your information had a strong impact on the final outcome.

On that note, AANC and our industry owes a huge thank you to AANC Legislative Counsel Colleen Kochanek and her team, as well as industry allies such as the NC Association of Realtors, for their tireless and creative efforts in securing necessary stakeholders and finding ways to resurrect the original H530 bill in the closing week of the legislative session and have it reborn as the now-passed S326.


We’ll have more about what this means in follow up posts.

July 1, 2016 at 7:48 pm Leave a comment

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