NC Community Changes Hands for $34M
- Jun 03, 2019
Carlisle Residential Properties has sold Encore North, a 237-unit apartment community in Greensboro, N.C., to Grimley Residential for $34.3 million. Cushman & Wakefield arranged the sale.
Carter-Haston will manage the community on behalf of the new owner. Built in 2017, the apartment property offering one- and two-bedroom homes is located at 3619 N. Elm St., less than 5 miles north of downtown Greensboro.
The community was built by Lomax Construction and comprises five three-story buildings, with an occupancy rate of nearly 94 percent, according to Yardi Matrix data. Amenities include a fitness center, swimming pool, resident lounge and dog park.
Cushman & Wakefield’s Watson Bryant, Jordan McCarley and Brooks Colquitt represented the seller in the deal. Carlisle said in a prepared statement that the sale represented a “very good” return on the company’s original investment.
Headed by Principal John “Spike” Buckley, Grimley Residential is a multifamily real estate acquisitions and asset management firm with more than $175 million in assets under management across the U.S. The company only invests in properties that it believes will not be impacted by climate-related events.
Grimley Residential’s Southeast portfolio is growing. Early last year, the company bought Preserve at Hardin Valley, a 296-unit community in Knoxville, Tenn., for $48 million from a joint venture between Crescent Bend Development and Cumberland Advisors, according to Yardi Matrix.
Properties trade in Piedmont Triad
The multifamily market is going strong in the Piedmont Triad area of North Carolina, which encompasses Greensboro, Winston-Salem, and High Point. Demand is driven in large part by the growth of transportation, utilities and manufacturing jobs in Greensboro, and by the expansion of the business and professional services sector in Winston-Salem.
Cushman & Wakefield recently handled the sale of the 264-unit Bridford West apartment community in southwest Greensboro. Brookview Realty Group purchased the asset from Global Securitization Services for $36.5 million last December, Yardi Matrix records indicate.
Earlier in the year, a joint venture between Blackfin Real Estate Investors and Capital Solutions acquired the Westborough Apartments, a Class B 502-unit community, for $28.1 million.