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YorkTowne Apartments, Greensboro, NC |
GREENSBORO, NC– Marcus & Millichap Real Estate
Investment Services, the nation’s largest real estate investment services firm,
has arranged the sale of YorkTowne Apartments, a 314-unit apartment
complex in Greensboro, N.C. The $10 million sales price equates to $31,847 per
unit and $31 per square foot.
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| Tal Frydman |
Tal
Frydman, vice president investments, Daniel Cunningham, senior
associate, and Derek Gibbs, senior associate, all in the Fort Lauderdale
office of Marcus & Millichap, represented the seller, BB&T.
James Allen
Smith, vice president investments in the firm’s Charlotte, N.C. Uptown
office, also provided representation. The buyer is a Connecticut-based private
investment group.
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| Daniel Cunningham |
“This was
not a distressed sale; the property was more than 90 percent occupied at
closing,” says Frydman. “The asset’s
unit mix of 75 percent two- and three-bedroom townhouses is very well suited to
the area. Students from the surrounding universities—there are four colleges
within five miles of the property including the University of North Carolina,
Greensboro, which is only four miles away—contribute positively to the resident
mix,” adds Frydman.
“The new owner is planning an extensive rehab of the units
and will leverage the property’s proximity to the large student population.”
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| Derek Gibbs |
Built in 1973 on
21.7 acres, the 37-building property is located at 3601 Lynhaven Drive in
Greensboro, near interstates 85 and 40 and U.S. Highway 220.
YorkTowne Apartments features a resort-style swimming pool,
two lighted tennis courts, a covered picnic area, a neighborhood park, four pet
stations, free memberships to Sports Center Gym, a gourmet coffee station and a state-of-the-art clubhouse.
There is also a
community room with a full kitchen, free video library, flat-screen televisions
and social activities for adults and children.
Recent renovations include interior upgrades, pool resurfacing and roof
replacement.
For a complete copy of the company’s news release, please
contact:
Ben Johnson,
Marketing Director
(925) 953-1736
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