Archive for December, 2015

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.

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December 31, 2015 at 2:03 pm 1 comment

The Lofts at White Furniture Pre-Leasing in Mebane

From a story on Fox 8 News:

The Lofts at White Furniture are now leasing more than 150 apartments, with an expected move-in date of March 1, 2016.

D3 Development in Durham purchased the property and is in the process of renovating it.

“We really felt like there was a great opportunity here,” said Shannon Moser, project manager for D3 Development. “Downtown Mebane is growing like crazy. And it’s really unique to find a historic building in downtown where you can actually walk out of the building and walk right into a downtown environment.”

Moser said the company is committed to providing renters with high-end, modern amenities while still maintaining the building’s original character and charm.

“We feel like there is a market with people who live all the way from Greensboro to Durham as well as people in Mebane who would like to downsize and live in an apartment that has great amenities and high-end features,” Moser said.

Rents will start at $795 and you can visit the community’s website at http://loftsatwhitefurniture.com/

December 30, 2015 at 6:16 pm 1 comment

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.

December 29, 2015 at 8:48 pm 1 comment

Six Recent Piedmont Triad Apartment Transactions

Multi Housing Advisors (MHA) recently issued a press release about six Triad-area transactions they brokered:

Multi Housing Advisors (MHA) has brokered six sales of apartment communities in North Carolina’s Triad Region totaling $37.1 million. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in all six transactions. The transactions included WB Ventures purchasing the 204-unit The Morehead in Greensboro from Midway Investors for $11.2 million; QR Capital purchasing the 120-unit Battleground Oaks in Greensboro from Carlisle Residential for $6.7 million; Harvest Investments purchasing the 140-unit The Colony in Burlington from Titan Capital for $6.3 million; Tallahassee Apartments LLC purchasing the 160-unit Ridgewood in Greensboro for $5.4 million; a private individual purchased the 108-unit, 324-bed Collegiate Commons in Greensboro for $4.2 million; and Engineering Partners purchased the 80-unit The Hedges from The Hedges of Greensboro LLC for $3.3 million.

December 29, 2015 at 6:14 pm 1 comment


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