Monday, December 14, 2015

MHA Brokers Sales of Six Triad Region Apartment Communities for a Total of $37.1 Million

The Morehead Apartments, Northwest Greensboro, NC
CHARLOTTE, NC — Multi Housing Advisors (MHA) has arranged, in separate transactions, the sales of six apartment communities located in the Triad Region of North Carolina for a total of $37.1 million. 

These transactions, representing more than 800 units, were all closed in the last two months.

Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in the transactions. 

MHA has now brokered the sales of 14 properties in the Triad Region over the past 12 months, as the market continues to yield relative value in an environment of historic cap rate compression.

Ridgewood Apartments, West Greensboro, NC
“Activity has proliferated in the Triad region as investment capital continues to seek reasonable yields and is being pushed outside of the primary markets to markets like the Triad,” Robinson said. 

“With the Fed signaling a likely rise in interest rates, investors are moving swiftly to lock in rates and push deals over the finish line.”

Details of the deals are below:

·        New York-based Midway Investors sold The Morehead to WB Ventures for $11.2 million. The 204-unit property is located in northwest Greensboro, NC.

·        Atlanta-based QR Capital purchased Battleground Oaks from Carlisle Residential for $6.7 million. The 120-unit property was built in 1986 and is located in the north suburbs of Greensboro, NC.

Collegiate Commons Apartment, Greensboro, NC
·        Pennsylvania-based Titan Capital sold The Colony to Harvest Investments, based out of Wethersfield, CT, for $6.3 million. The 140-unit property is located in Burlington, NC.

·        Florida-based Tallahassee Apartments LLC purchased Ridgewood for $5.4 million. The 160-unit property is located in west Greensboro, NC.

·        A private individual purchased Collegiate Commons for $4.2 million. The student housing property, built in 2002, is located in Greensboro, NC and is comprised of 108 units and 324 beds.

·        New Jersey-based Engineering Partners purchased The Hedges from The Hedges of Greensboro LLC, based out of Hattiesburg, M.S. for $3.3 million. The 80-unit property is located in Greensboro, NC.

For a complete copy of the company’s news release, please contact:

Deborah Rogers
Multi Housing Advisors

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