PGP Exits Briarcliff Apartments in Wilson, NC

Despite the difficulties in consummating deals in the current COVID-19 climate, we are happy to report that we have successfully sold our 80-unit Briarcliff Apartments property in Wilson, NC. This was a really good result for our investors: the property was purchased in September 2018 for $3,200,000 and sold in April 2020 for $4,500,000. The resulting gain to investor equity was an annualized IRR of 45%. We are planning on rolling this into another property via a 1031-exchange. During our ownership period we installed many new roofs, painted the exteriors, and did a number of value-add updates on some interiors. The buyer was an out-of-state investor who is eager to buy more units of workfor

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    Prudent Growth Partners, LLC  (2017)    1829 E. Franklin St, Suite 800-F, Chapel Hill, NC 27514  (919) 590-4119