Pacifica Cos. Sells North Carolina Community
- Nov 05, 2019
Willow Creek Partners has acquired Brannon Park, a 299-unit community in Greensboro, N.C., from Pacifica Cos. for $16.9 million in an off-market transaction. Capstone Apartment Partners brokered the sale. The Class B multifamily asset last changed hands in July 2014, when VTT Management traded it for $11.4 million, according to Yardi Matrix.
Willow Creek has acquired three other communities in Greensboro during the past five years, totaling 407 units. The buyer has also been active other parts of the state—in September last year, the firm purchased 184 units in Raleigh for $24 million.
Located within 5 miles of downtown Greensboro at 3822 Mizell Road, Brannon Park is adjacent to a Food Lion-anchored shopping center, within the heart of the Pisgah Church Road retail corridor less than 1 mile away. The area is linked to the rest of the metro via two public bus routes half a mile west.
The community’s 13 two- and three-story buildings have a mix of studio, one- and two-bedroom units, with floorplans ranging from 478 to 842 square feet. Amenities include an indoor swimming pool, tennis and basketball courts, a clubhouse and a playground. The new owner plans to reposition the property through capital improvements to the units and resident amenities. At the time of the sale, the property was 91 percent occupied.
The Capstone team was led by Austin Green and Alex McDermott. In late October, the two were involved in the sale of a 304-unit community in Columbia, S.C.