Posts filed under ‘Piedmont Triad Apartment Market’

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

Southeastern Building Wins Historical Rehabilitation Award

BSC Holdings’ extensive work to bring the Southeastern Building in Greensboro back to life has been recognized with a state-wide award:

The historic Southeastern Building in downtown Greensboro described as the city’s first skyscraper has won the Great Historic Rehabilitation Award from the N.C. Chapter of the American Planning Association.

The property, which was nominated for the award by the city’s planning department, earned more public votes for the title than the six other entries from across the state. The online contest ran May 2-13.

If you’d like to see a slideshow of the project you can find it at the Southeastern Building’s website.

May 31, 2016 at 2:25 pm Leave a comment

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

Buying High

The recent sale of a 28-unit property in Archdale caught everyone’s attention because of the per-door price it fetched. From the Triad Business Journal:

Terrace Trace, a 28-unit apartment property in Archdale, has sold for $1.5 million.

The price amounted to about $53,500 per unit, according to a Monday news release from commercial real estate investment services firm Marcus & Millichap(NYSE: MMI).

The property has three buildings consisting entirely of two-bedroom, two-bathroom units.

“The price per door sets a new precedent for this asset class in the smaller submarkets of the Triad region,” said Patrick Foster, the Marcus & Millichap investment specialist who exclusively listed and marketed the property.

May 31, 2016 at 1:50 pm 1 comment

Highlights from Just Released Real Data Report for Triad Apartment Market

Real Data just released their April, 2016 report from their March surveys for the Piedmont Triad and here are the highlights:

  • Average rents are up 2.1% since Mar, 2015
  • Vacancy rate is 7.5%, up from 6.7% in Sep, 2015
  • Demand has weakened in last 6 months, with only 355 units absorbed out of 929 completed over that time
  • Development pipeline includes 3,040 units under construction and another 3,220 proposed
  • Alamance is most active development sub-market with 630 units under construction
  • Average rents are: 1 BR-$673, 2BR-$760, 3BR-$973
  • Real Data projects vacancy to grow to 8% over next year, and rents to rise 2-3% as well.
  • Sub-market with highest overall rent: Guilford Central (Downtown Greensboro)
  • Sub-market with highest rent per SF: Forsyth Central (Downtown Winston-Salem)

For detailed reports, sub-market specific data, direct comps and more you can purchase a copy of the report from Real Data at www.aptindex.com.

April 20, 2016 at 3:35 pm 1 comment

MHA Brokers Two Apartment Sales in Triad

From the press release:

Multi Housing Advisors (MHA) has brokered the sales of two apartment communities in North Carolina’s Triad region totaling $27.1 million. The two transactions include Peak Capital buying the 192-unit Spring Forest at Deerfield in Mebane from Cottonwood Residential and an undisclosed buyer purchasing the 294-unit Chesterfield in Winston-Salem from Brown Investments. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in both transactions.

April 20, 2016 at 1:42 pm 1 comment

PTAA Members to Celebrate National Apartment Housing Day at Diamond Awards

On April 5, 2016 the Piedmont Triad Apartment Association (PTAA) will hold its annual Diamond Awards banquet to celebrate and acknowledge the “best of the best” in the Triad’s multi-family housing industry. These awards acknowledge the exemplary contributions in 2015 of companies and individuals who work in an industry that serves over a third of the people who live in the Piedmont Triad.

The date for this year’s Diamond Awards coincides with National Apartment Housing Day – #aptday – a program organized by the National Apartment Association to recognize the vital role the apartment industry plays in supplying quality housing throughout the country and the tremendous impact the industry has on the economy.

“With one-third of Americans now renting their homes, there has never been a more exciting time to be a part of the apartment housing industry,” said Doug Culkin, CAE, President & CEO of the National Apartment Association. “It’s time to celebrate the new American Dream.”

With an expected attendance of 475 people, PTAA’s Diamond Awards is the largest event of the year for the local apartment industry.

Industry Facts

The American Dream is changing; more than one-third of Americans rent their homes. Of them, 42 percent—or 37 million people—lease apartments.

Members of the Piedmont Triad Apartment Association own/manage over 58,000 housing units throughout the region.

Apartments and their residents contribute $1.3 trillion to the national economy each year. That’s 12.3 million jobs in construction, operations, leasing, management and skilled trades along with all the local businesses supported by apartments and their residents.

#aptday

March 31, 2016 at 2:16 pm 1 comment

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