Utah Company Expands Its Triad Footprint, Buys Two Greensboro Properties

January 21, 2016 at 3:51 pm 1 comment

RealSource, based in Salt Lake City, Utah, has purchased two apartment communities with a combined 448 units for a total of $27.7 million. The Triad Business Journal carried the story earlier this week:

Salt Lake City-based RealSource purchased Friendly Ridge Apartment Homes, a 216-unit complex on St. Croix Place, for $12.5 million and spent $15.2 million on The Park at Oak Ridge, a 232-unit complex on Old Oak Ridge Road…

RealSource plans to invest $3.25 million in upgrades and repairs at The Park at Oak Ridge, and to spend $2.5 million enhancing Friendly Ridge.

The bulk of that cost will be spent on upgrades, with a focus on interior improvements in the one-bedroom and two-bedroom units that make up each community, he said. Anderson said a contractor has not yet been selected for the work.

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Entry filed under: Greensboro, Piedmont Triad Apartment Market, PTAA Members in the News, Sales. Tags: , , , , , , .

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