NC Community Changes Hands for $21M
Represented by Colliers International, CORE Realty Holdings Management sold the 483-unit Hidden Lakes Apartments to Living Well Homes. Built in 1974, the property provides a value-add opportunity for the buyer.
CORE Realty Holdings Management Inc. recently sold the 483-unit Hidden Lakes Apartments in Greensboro, N.C. Will Mathews and Brooks Colquitt from Colliers International’s East Region Multifamily Advisory Group worked on behalf of the seller. Living Well Homes purchased the asset.
Located at 5500 Weslo Willow Drive, the 1974-built community is a few minutes from restaurants, entertainment options, as well as Piedmont Triad International Airport. The asset features 21 studios, 211 one- and 251 two-bedroom units. According to Yardi Matrix data, occupancy has been on a downward trajectory, dropping from 95 percent in July 2016, to 90.7 percent in March 2017.
“Hidden Lakes presents the quintessential value-add opportunity and validates the notion that investors who see value in the repositioning process can find yield in secondary markets such as Greensboro compared to the compressed cap rate environment in core markets,” said Colquitt, Carolina’s market leader, in a prepared statement.
This was the fifth exclusive listing Colliers International has executed for CORE over the past 10 months. In July 2016, the company led the $81 million sale of a three-property CORE portfolio.
Image courtesy of Colliers International