Posts filed under ‘High Point’

Last Year’s Largest Triad Apartment Construction Projects

Commercial Property Executive produced a nice little listicle of the largest apartment construction projects delivered last year. Who’s number 1?

Images from Stafford Place’s Website

Stafford Place, 360 units
Parr Investments targeted Winston-Salem for its 360-unit development with spacious floor plans and high-end finishes. The complex features extras such as a 21-seat movie theater, a coffee bar where residents can socialize and relax, a business center and a swimming pool. Nowadays, tenants want more than living space. A sense of community helps them to feel connected, and we increasingly see amenities that encourage socializing between tenants.

You can find the rest of the list here.

May 31, 2016 at 2:09 pm 1 comment

Bank of NC Investing $5 Million to Build Affordable Housing in High Point

Bank of North Carolina is investing $5 million in an effort to build affordable housing in High Point. From a story in Triad Business Journal:

Seeking to have a direct impact on the city that’s home to its headquarters, Bank of North Carolina will build affordable housing in struggling High Point neighborhoods and sell the new homes using a new mortgage product crafted for a population of potential homeowners now being underserved…

The bank’s effort will be in partnership with the city of High Point, which has had a downpayment assistance program in place for several years, and also has an inventory of vacant lots and reclaimed properties in lower-income neighborhoods that could provide land for the housing effort…

What Bank of North Carolina is proposing is to begin building three-bedroom, two-bathroom houses priced in the $70,000 to $80,000 range…

The idea would be to sell the homes at cost or near cost, with the new homeowners using a mortgage product Bank of North Carolina rolled out several months ago focused on those potential homeowners that lenders typically don’t target.

April 18, 2016 at 7:46 pm 1 comment

How You Can Help End Veterans Homelessness in Guilford County

PTAA is working with the Partners Ending Homelessness (PEH) to end homelessness for veterans in Guilford County before the end of 2015 and we need your help. One of the biggest obstacles they face is finding enough housing for the veterans and so we need your help in finding those available housing units, but please remember that this would not be a handout. Here’s what we wrote when we announced this initiative:

  • PEH is not looking for handouts. They are looking for property owners/managers who will work with them by being flexible with regards to credit histories and some aspects of criminal background checks.
  • The program will pay up to fair market rent. The organization is sponsoring the client resident so there is not a risk of default by the individual resident.
  • Caseworkers actively manage each resident. That means your onsite manager will NOT have to actively manage the resident’s situation and WILL have a resource in case any situation does arise.

If you have vacant units that you think would meet the program’s needs then there’s an easy way you can raise your hand to volunteer. Simply fill out this application form and send it to PEH and they will get the ball rolling. Sending in the form isn’t an absolute commitment, but it is a first step to getting the process started.

Right now we have about 75 homeless veterans in Guilford County so we need as many of you as possible to step forward and help out those people who served our country. Thank you in advance for your support.

Here’s a link to the application form:

PartEndingHomelessness app

November 11, 2015 at 9:14 pm 3 comments

Economic Factors Boosting Triad Apartment Market

A couple of stories in the local press explore the burgeoning local apartment market. Here’s an excerpt from one of those stories in the Winston-Salem Journal:

During the past five years, thousands of new apartments have opened in the Piedmont Triad, and the number of people moving into them is growing.

Changes in the way people live and improvements in the economy are driving a steady, slow growth, local apartment experts say, but soft spots could stall that progress in the next couple of years.

One thing has worked in favor of the industry so far: slow home sales.

Although the real estate market is slowly picking up, banks are still tight with credit and families are reluctant to commit to mortgages until they feel confident that jobs are here to stay.

Apartment developers are taking more chances this year and will continue if they see good signs, said Carrie Langley, the Piedmont Triad Apartment Association’s director of education and membership…

At the moment, things are looking good for the local apartment business.

Ultimately, job growth could be the single most important unknown that could help — or hurt — even more.

The Piedmont Triad Apartment Association’s Langley tempers her optimism with a little superstition.

“There’s been economic and employment growth and it seems to be continuing,” she said. “I’m going to knock on wood.”

The Greensboro News & Record had a similar article focused on the Greensboro market.

August 20, 2015 at 7:50 pm Leave a comment

Carroll Purchases NorthPoint Apartments for $26.5 Million

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.

July 29, 2015 at 6:10 pm Leave a comment

Bell Sells Three Triad Properties as Part of Larger Deal

Bell Partners recently sold eight properties for $140 million to a New Jersey-based firm and three of those properties are based in the Triad:

A New Jersey-based firm has purchased three Triad apartment complexes from Greensboro-based Bell Partners Inc., an apartment investment and management company, for $67 million.

The sale of Steeplechase at Adams Farm and Park Forest in Greensboro and Deep River Pointe in High Point was part of a larger sale by Bell of eight properties — five in Arkansas — for more than $140 million. Bell Partners will continue managing the North Carolina properties.

According to the article Bell will continue to manage the three Triad properties.

June 10, 2015 at 3:34 pm Leave a comment

Solid Rent Growth for Triad Apartment Market in 1Q15

In this video from MPF Research, they look at the 1Q15 numbers for the Triad and find that year-over-year rent growth was – finally – on par with the rest of the country:

May 28, 2015 at 1:54 pm Leave a comment

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