Posts filed under ‘PTAA Members in the News’
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.
The Triad Business Journal covered the sale of three Triad apartment properties:
Rehobeth Poine, constructed in 2009 on 4.58 acres off Meadow Oak Drive near Interstate 85, has an assessed value of $5.56 million, according to tax records.
Juliet Place was constructed in 2008 and 2014. It sits on 6.22 acres near West Vandalia Road and U.S. 220. Tax records show it has an assessed value of $4.34 million.
The Keystone Group sold the properties to Elkal Inc. for $63,745 per unit…
Capstone also brokered the sale of Hanover Court in Asheboro. The 152-unit complex, constructed in two phases with 72 units built in 1972 and 80 units completed in 1984, is located on 7.4 acres near Dixie Drive.
Kings Cross and Hanover Associates sold the property to Keystone for $5.75 million, or $37,823 per unit.
BSC Holdings is getting ready to develop Phase 2 of its Lofts at Little Creek community off of Hanes Mall Blvd in Winston-Salem:
The name of BSC Holding’s new $10 million project, which is expected to be ready for renters in spring 2016, is The Lofts Hillside at Little Creek. The initial 148,000-square-foot building will have 88 apartments, offering primarily two-bedroom units with two baths and office space. It will have several units with one bedroom and 1 ½ baths.
“It will be the same architecture and same finishes as the Lofts at Little Creek,” said Amanda Williams, the vice president for BSC Holdings, which is based in Greensboro.
The two-bedroom units will range from 1,200 to 1,400 square feet. The one-bedroom units will be 925 square feet.
Amenities will include nature trails and a large dog park, and an additional pool and fitness center. Monthly rent will run from $950 to $1,450.
Plant 64, one of downtown Winston-Salem’s newest apartment developments, will have a new commercial tenant in a space that was originally set aside for retail. From the Triad Business Journal story:
During this period of growth, The Variable has seen its staff swell from 14 to 32, with five positions in areas such as creative, account management, data science and strategic planning. Within the next three to five years, Mullen expects the agency to reach 55 to 60 employees.
That’s what’s prompting the move, with the agency outgrowing its 5,000-square-foot space on Reynolda Road in West End and planning to move into 10,000 square feet within Plant 64 in August at the start of a 10-year lease.
Former R.J. Reynolds Tobacco Co. warehouses, Plant 64 has been redeveloped by Philadelphia-based Pennrose Properties largely as a residential complex. But The Variable will take a space at East Fourth Street and Research Parkway that had initially been set aside for retail use…
As a tenant of Plant 64, The Variable will also have access to the neighboring outdoor social space and pool that also serves residents of the complex, as well as other interior social space and the fitness center.
For four Variable staffers, the commute will involve walking from their Plant 64 loft across a small parking lot to the office.
BSC Holdings’ renovation of the Southeastern Building in downtown Greensboro took longer and cost more than expected, but now that they’re nearing the finish line they’re about ready to wake up from their “Nightmare on Elm Street”:
Downtown living is about to get another high-profile address as the owners of the Southeastern Building prepare to open early next month…
Amanda Siegal Williams of BSC Holdings in Greensboro said that two of the 51 apartments have already been leased and she has showed the building by appointment to more than 20 people.
BSC has been renovating the 1926 building — Greensboro’s first skyscraper — for more than two years and about as many millions in cost overruns…
The first floor is designed for restaurants and offices. The second and third floors will be designated for offices only. Apartments will occupy the fourth floor through the ninth.
BSC Holdings recently broke ground on the most recent iteration of it’s “mixed rental” development concept. From the Triad Business Journal’s story about the development:
Construction began recently on Greensboro developer Barry Siegal‘s new residential project, which includes 83 rental homes and a 120-unit apartment complex.
Lafayette Landing Apartments and Villas will sit on 40 acres on a mostly vacant swath of land at Guilford College and Ruffin roads…
Construction will take 18 months, Williams said, but the first phase — which will include 17 detached single-family homes, three apartment buildings, a clubhouse and garage building — is expected to be ready for occupancy by August.
The second and third phases, including the remaining 66 houses and 12 apartment buildings, will wrap up by late summer or early fall 2016, Williams said. Each apartment building will be two floors and will have eight units. The community will include amenities such as a pool and clubhouse.
The apartments will be one-, two- and three-bedroom units, and rental rates will start at $850 and $1,200, depending on size, Williams said. Rental rates for the homes will range from $1,100 to $1,750.
We had a great Diamond Awards ceremony on March 31, 2015 and we’d like to congratulate all of the winners:
Congratulations to the 2014 Diamond Award Winners!
Individual Performance Winners
Rookie of the Year, Leasing
Amesbury on West Market
Rookie of the Year, Maintenance
Leasing Professional of the Year
Palladium Park Apartments
Maintenance Technician of the Year
Assistant Manager of the Year
Maintenance Supervisor of the Year
Managers of the Year
Kelsey Pawsat- Signature Property Group
Rebecca Kirkman- Hawthorne Residential Partners
Regional Manager of the Year
Hawthorne Residential Partners
Corporate Professional of the Year
Blue Ridge Companies
Communities of the Year
Best Use of Social Media
Blue Ridge Companies
Student Community of the Year
Signature Property Group
Turnaround Community of the Year
Community of the Year Under 200 Units
Nissen Building Apartments
Community of the Year Over 200 Units
Hawthorne at Main
Vendor Partners of the Year
Advertising & Promotions
Got You Floored
Cox Landscape Management
Professional Services, Administrative
Full House Marketing
Professional Services, Operational
Carolina Poo Prints
Maintenance Supply HQ
Owner Member Volunteer
Vendor Partner Volunteer
Got You Floored
Blue Ridge Companies