VanRock Buys North Carolina Community
Cottage Gardens, built in the 1960s, traded in an off-market deal.
With little deferred maintenance, Cottage Gardens provides upside to the buyer, according to Capstone. Image courtesy of Yardi Matrix
VanRock Real Estate has purchased Cottage Gardens, a 176-unit multifamily property in Greensboro, N.C., from a private in-state firm. A Capstone Cos. team facilitated the $13.5 million off-market deal. The buyer assumed a preexisting permanent HUD loan of $7.6 million, with a fixed interest rate of 2.4 percent, according to Yardi Matrix data. The loan matures in 2056.
Cottage Gardens encompasses 19 buildings with one and two stories, totaling 176 one-, two- and three-bedroom units. The apartments range from 520 to 780 square feet.
Completed in phases between 1959 and 1966, the 14.4-acre stabilized property is situated in the Eastside Park area, at 307 Avalon Road. Cottage Gardens is less than 3 miles east of downtown Greensboro, also close to several colleges and universities including North Carolina A & T State University.
The Capstone team that closed the deal, led by Partner & Carolinas and Virginia Production Lead Ron Corrao, also included Managing Director Eric Liebich, Directors Josh Greenwald and Scott Fuller, and Investment Sales Advisors Matt Weinstein and Dane Lozier.
