LEI Expands Presence in NC
- Jan 12, 2016
Greensboro, N.C.—Lowe Enterprises Investors, in a partnership with a foreign investment client, has acquired Hawthorne at Bridford, a 264‐unit Class A gated apartment community in Greensboro, N.C., from an affiliate of Hawthorne Residential.
“This is a relatively new development that is just now leasing the final phase,” Bleecker P. Seaman, Lowe Enterprises Investors’ co-CEO, told MHN. “It is well positioned close to employment centers and retail and entertainment amenities making it an attractive location choice.”
Located at 598 Eagle Road, the 11 three-story residential buildings are set on a 19.8-acres and offers one-, two- and three-bedroom units, with upgraded finishes including wood plank floors, granite countertops, garden tubs, tiled backsplashes, patio or balcony, high ceilings and open floor plans.
Hawthorne at Bridford has an exceptional array of resident amenities such as a grilling pavilion with fireplace, pool with grilling cabana and clubhouse, a fitness center, car care center with car wash, a pet park with onsite pup wash and spa station. The community also offers a complimentary Starbucks coffee station and resident social events.
The acquisition expands LEI’s portfolio of North Carolina investments as it recently acquired the Hampton Inn & Suites Charlotte‐Arrowood Road in Charlotte, owns the Hamilton Ridge Apartments, a 178-unit apartment community in Raleigh, and is a joint venture partner on The Gramercy apartments, a 203-unit community being developed in the Glenwood South area of Raleigh.
“We continue to seek to acquire high-quality assets in metro areas that demonstrate strong multifamily demand,” Seaman said. “The Triad’s diverse economy and strong growth coupled with limited new supply of multifamily should provide for a stable long-term investment.”
The property is proximate to retail and employment in the Triad region, close to downtown Greensboro and High Point with convenient access to I-40, I-73 and NC-68. The adjacent retail corridor on Wendover Avenue offers numerous national retailers including Target, Walmart and Home Depot.
The phased development of Hawthorne at Bridford began in 2012. The first two phases, containing 216 units, are currently 97 percent occupied, while the final 48-unit phase was completed in December and is now actively leasing.
JLL represented the seller in the deal.