Posts filed under ‘PTAA Members in the News’
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.
The Hedges Apartments, a 92-unit community in Greensboro, has been sold for $2.6 million. From an article in the Triad Business Journal:
The Hedges Apartments complex in Greensboro was bought by The Hedges at Greensboro LLC, an entity managed by Dawn Properties Inc., which focuses on the acquisition and development of multifamily properties.
The 92-unit complex previously was owned by The Hedges Apartments LLC, an entity managed by Greensboro-based Brantley Properties, which purchased the property in January 1997 for $5.2 million.
Built in 1983, the apartment community sits on 16.75 acres at 4901 Lawndale Drive, near Cotswald and Battleground avenues. It has a total assessed value of $2,604,300, according to Guilford County tax records.
PTAA’s annual summer drive to collect food for Second Harvest Food Bank of NWNC kicks off over the next week and we’d love to see all of our apartment industry friends get involved. Here’s a couple of ways you can do so in the immediate future:
Fill the Stands With Cans! on July 9-10
We have partnered with the Greensboro Grasshoppers, Winston-Salem Dash and WXII to help collect food and cash for Second Harvest during two games next week. The first is July 9, 2015 at the Greensboro Grasshoppers and the second is July 10, 2015 at the Winston-Salem Dash. Here’s how you can get involved:
Volunteer to collect food/money at the gates for either game. Just email us at email@example.com to register or call the office at 336-294-4428.
Take advantage of the private boxes we’ve secured at each game and attend with your coworkers, family and friends. The price is $35/person and includes all the food you can eat, and there’s also the advantage of being able to hang out in a sheltered box so no worries about the humidity. In addition the Grasshoppers Game has a ‘Thirsty Thursday’ promotion and the Dash will have fireworks after the game. Make sure to register today! Hoppers Registration – Dash Registration
Matt Ketterman, a PTAA Board Member and long-time supporter of Second Harvest Food Bank of NWNC, is once again hosting his 5K/10K to raise food and money to fight hunger. There’s no entry fee for the race, but he does request that you make a donation to Second Harvest. The run is Saturday, July 4 at 7:00 a.m. and starts at Fleet Feet in Greensboro (3731 Lawndale Drive).
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.
Hot off of its sale of its City View Apartments to Carroll Companies, Signature Property Group is venturing outside the bounds of Greensboro and developing 264-unit apartment community in Mebane:
A 264-unit apartment complex on South N.C. 119 is the most recent residential project approved by the Mebane City Council.
On Monday night, council members approved a request by Signature Property Group, Greensboro, to construct what the city’s agenda referred to as a “high-end” development on the western part of 22.5 acres on South N.C. 119 extending back to Holmes Lane…
The $25 million complex will be a gated community targeting “folks who could afford to buy a single-family home and just for some reason are choosing not to,” Coker said.
Coker said rents for the one- and two-bedroom units would range from $800 into the $1,000s.
It will feature amenities like a pool, clubhouse, fitness center, dog park, on-property bike trail, stainless steel appliances, 9-foot ceilings and solid wood cabinets.
The 68-unit Greenway at Stadium Park in Greensboro is set to open on Monday (6/1/15) and the owners expect to be leased up within 60 days.
The demand for downtown living in Greensboro remains strong, with developers projecting near 100 percent occupancy in as little as 60 days after a 68-unit community opens Monday.
The Greenway at Stadium Park, a $6 million undertaking by brothers Jim and Steve Jones at the corner of North Eugene and West Smith streets, was developed after the success of its sister property, the $10 million, 196-unit Greenway at Fisher Park complex next door. That complex continues to see occupancy rates well over 90 percent.
Stadium Park apartments is a boutique community that is smaller than its sister but still offers unique amenities. Those include a lounge and kitchen open to the resort pool, cabana, grilling deck and a fourth-floor lounge that overlooks the NewBridge Ballpark. The community is 35 percent pre-leased, according to a news release from the developers.
According to this piece on Triad Business Journal’s site, Signature Property Group’s sale of CityView to The Carroll Cos. was motivated by their need to free up capital for projects outside of the Triad:
The sale, a first for Signature in its 25 years of business, lifts constraints on cash resources, allowing the group to develop four more properties in the year ahead, said owner Frank Auman.
“The main reason we’re selling it is to fund expansion outside the Triad,” he said. “We currently have three properties under contract between Raleigh and Burlington, and we are in negotiations with a fourth in the Raleigh area. We plan to start two this fall and two next spring.”
He declined to provide further information about those plans.
The Carroll Cos motivation for the purchase seems to be deepening its presence downtown:
Carroll said the acquisition will help The Carroll Cos. take advantage of a “variety of synergies and operating efficiencies that come from owning three projects just blocks from each other in downtown.”
CityView joins Carroll’s other major downtown projects: Center Pointe, 98 luxury condominiums in a 17-story toweron North Elm Street; and Bellemeade Village, a large-scale mixed-use project planned near NewBridge Bank Park. Bellemeade Village, a $50 million project that will include a Hyatt Place hotel and 300 upscale apartments, could see site work begin “any moment,” Carroll said Wednesday.