Prudent Growth Fetches 110-Unit NC Asset
- Feb 02, 2018
Prudent Growth Partners has purchased the 110-unit Georgetowne Apartments in Tarboro, N.C. Nathan Vaughan, senior investment advisor at Waterstone Multifamily Group, brokered the $3.9 million deal, which represents Prudent’s first acquisition in the eastern part of North Carolina.
Located at 405 Speight Ave., Georgetowne Apartments is less than 15 minutes from the newly announced tire plant that will be built by a Chinese manufacturer in Edgecombe County. The asset provides easy access to several education and retail options.
“It is very well maintained with many long-term residents. We are hoping to be able to make some smart updates and continue to operate the community for many years to come. We are actively looking for more properties like this in the eastern part of North Carolina and are definitely in ‘acquisition mode’,” said Prudent Growth Partners President Tom Hahn, in prepared remarks.
Longer-term capital gains
Prudent Growth Partners focuses on acquiring garden-style apartment communities, typically with 75 to 200 units. The company has a growing network of accredited investors who participate in each transaction. “We structure each transaction to provide solid cash flows to our investors each quarter—typically at least an eight percent annualized return—as well as long-term upside through the appreciation of the property. It is a completely passive investment for the investor and provides great returns and a nice hedge against future inflation,” Hahn added.
North Carolina and South Carolina are expected to continue to attract multifamily investment in 2018, as supply and demand fundamentals have been very favorable for operations.
Image courtesy of Prudent Growth Partners
If you’d like to be featured in Brokers’ Corner, send your deal to email@example.com.