July 11, 2018
Atlanta – Transwestern’s Atlanta Investment Services Group today announces it has been retained to market and sell two multifamily assets totaling 1,211 units. Transwestern Managing Directors Jon Kleinberg and Mike McGaughy will lead the sale of the multifamily assets in collaboration with Executive Vice Presidents Dean Sigmon and Robin Williams and Vice President Justin Shay of the firm’s Mid-Atlantic Multifamily Group.
The two assets, which include The Gregory North and South at 100 Northwoods Village Drive in Cary, North Carolina, and Granite Park at 2407 Peyton Drive in Charlottesville, Virginia, are available for purchase separately or as a portfolio.
“The Gregory presents the classic value-add opportunity for an investor to benefit from immediate positive cash flow and significant upside growth,” said Kleinberg. “The recent capital improvements to the exteriors and community amenities ideally position The Gregory to capture accelerated rent growth and realize rent premiums from further interior unit upgrades.”
The Gregory is a garden-style apartment community consisting of 786 units. Currently 94 percent occupied, It offers a mix of one-, two-, and three-bedroom units, along with a variety of floor plans. Average rent per unit is 27 percent below those being achieved at nearby communities and 40 percent below the comparable complex with the highest rent, creating a tremendous opportunity for an investor to grow net operating income by increasing rents substantially.
Cary is experiencing strong population growth, more than 60 percent since 2000, and household income is nearly double the state average. Recent Raleigh-Durham multifamily market reports indicate that investment sales activity has picked up during the first half of 2018, with sales volume exceeding
$680 million in the first quarter alone. Additionally, 79 percent of household growth in the next decade will be from those moving to suburban areas, and an increasing number are seeking to rent, according to the U.S. Census Bureau.
Granite Park is a garden-style community totaling 425 units. Currently 94 percent occupied, the property offers one-, two-, and three-bedroom units in a variety of floor plans. Average rent per unit is approximately 30 percent below comparable communities and 40 percent below the complex with the highest rent.
“Investors interested in value-add opportunities will have the ideal investment with Granite Park due to the ability to assume immediate cash flow and significant upside potential,” said Sigmon. “The property has undergone an aggressive renovation program to the exteriors and community amenities, which will allow a new owner to realize accelerated organic market rent growth as well as rent premiums from the remaining upgrades.”
Granite Park is situated in the high-growth area of Central Virgina and is surrounded by 4 million square feet of retail, The University of Virginia and other top employment centers.
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