Hudson Capital Sells North Carolina Communities for $74M
- Jan 06, 2021
Hudson Capital Properties has finalized the sale of a pair of residential properties totaling 571 units in Greensboro, N.C. Advenir purchased Steeplechase Apartments for $56.2 million, while Eminent Capital paid $17.8 million for Park Forest Apartments.
JLL Capital Markets represented the seller in both transactions.
Hudson Capital picked up the communities back in 2015 from Bell Partners, for $35.5 and $11.5 million, as part of a $67 million, three-asset portfolio trade, Yardi Matrix data shows.
The 420-unit Steeplechase is situated at 1338 Adams Farm Parkway, near Interstate 73 in southeast Greensboro. Constructed in two phases in 1989 and 1997, the community has 451,080 rentable square feet, offering a unit mix of one-, two- and three-bedroom layouts. Amenities at the location include a fitness center, barbecue grills, resort-style pool and tennis court.
Built in 1986, Park Forest is located at 3214 Brassfield Road, just off Interstate 840, on the northeastern outskirts of the city. The 11.5-acre site is adjacent to Brassfield Shopping Center. The garden-style community offers 151 one- and two-bedroom units. Common-area amenities include a swimming pool, grilling area, picnic pavilions, a business center, a 24-hour fitness center and lounge area.
The JLL team closing the deals included Andrea Howard, John Currin, Jeff Glenn Allan Lynch and Caylor Mark. Last November, Hudson Capital sold another North Carolina community to PassiveInvesting.com. The 288-unit Class A property in Cary, N.C. changed hands for $57.6 million.