Avison Young Facilitates Sale of 171-Unit NC Asset

Signature Place Apartments

Avison Young has arranged the sale of Signature Place Apartments, a 171-unit community in Greenville, N.C. Gary Lyons, senior vice president, and Craig Cadwallader, vice president, represented the buyer in the $14.8 million deal. A subsidiary of Tampa-based Carter Multifamily purchased the asset from Taft Family Ventures and Drucker & Falk, its joint venture partner. Waterstone Multifamily acted on behalf of the seller.

Located at 410 Beasley Drive, within walking distance of Vidant Medical Center—the leading employer in the market—and East Carolina University Health Sciences, Signature Place Apartments is near one of the city’s most active commercial areas. The 1980-built property spans across more than 15 acres and includes 48 one-, 84 two- and 39 three-bedroom units. The community features:

• a swimming pool
• dog park
• courtyard
• grilling area
• fitness center
• clubhouse

The new owner plans to revitalize several parts of the property, including the amenities and living spaces. According to the Triangle Business Journal, East Carolina University intends to expand its rural public health program and establish a new School of Rural Public Health, which is expected to have an initial enrollment of 1,800 students by the time it opens in August 2020. 

At the end of last year, Cadwallader and other Avison Young professionals brokered the $37.3 million acquisition of Woodfield Glen Apartments in Raleigh, N.C. Grayco Inc. sold the 233-unit property to Inco Monterra.

Image courtesy of Avison Young

If you’d like to be featured in Brokers’ Corner, send your deal to [email protected].