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

Our various LLC's are currently returning annualized distributions to our investors of approximately 8% (cash-on-cash), with a total return (including principal paydown) of over 17%.  This is the average across all LLC investments.

 

While each deal is structured as a unique entity, the opportunity exists for our investors to participate in multiple deals - in essence, investors can create their own private REITs by investing over time in multiple deals.

 

We are actively working on several new deals - primarily in the smaller multi-family housing sector - that promise similar returns.  In order to view any upcoming deals, please select the "Investors" tab above.

For a list of Completed Investments, please scroll down to the bottom of the page.

 

Current Portfolio

Lauradale Apartments

Jacksonville, NC

155-unit apartment community located in the growing town of Jacksonville, NC - less than 10 minutes from Camp Lejeune. Several value-add opportunities on the exteriors, common areas, and unit interiors. The property was acquired at an approximate 7.25 cap rate, which should enable Prudent Growth to distribute 8+% cash-on-cash returns to its investors with a goal of an IRR of over 20% over the expected 5-year hold.

Liberty Crossing Apartments

Jacksonville, NC

286-unit apartment community located in the growing town of Jacksonville, NC - less than 10 minutes from Camp Lejeune. Several value-add opportunities on the exteriors, common areas, and unit interiors. The property is being acquired through a TIC transaction at an approximate 8.25 cap rate, which should enable Prudent Growth to distribute 9+% cash-on-cash returns to its investors with a goal of an IRR of over 20% over the expected 5-year hold.

Arlington West Apartments

Greenville, NC

168-unit apartment community located in rapidly growing Greenville, NC - less than 1.5 miles to the hospital, ECU and many large retail centers. The property was purchased from a long-time family owner/operator and was the 1031 replacement property from the sale of Meadows at Russell apartments in Statesville, NC. The attractive purchase price should enable Prudent Growth to distribute 8+% cash-on-cash returns to its investors with a goal of an IRR of over 18% over the anticipated 5-year hold period.

Georgetowne Apartments

Tarboro, NC

110-unit apartment community located in the charming town of Tarboro, NC - less than 15 minutes from the newly announced tire plant. Excellent property that has been family owned and managed since its construction.  Several value-add opportunities on the exteriors, common areas, and unit interiors. The property is being acquired at an approximate 8.25 cap rate, which should enable Prudent Growth to distribute 9+% cash-on-cash returns to its investors with a goal of an IRR of over 20% over the course of the expected 5-year hold.

Croatan Forest Apartments

Havelock, NC

92-unit apartment community located in the coastal town of Havelock, NC. The property was purchased from a long-time family owner/operator and has enjoyed a history of high occupancy. The attractive purchase price should enable Prudent Growth to distribute 8+% cash-on-cash returns to its investors with a goal of an IRR of over 20% for the anticipated 7-year hold period.

Hermitage Drive Portfolio: Westchester Square

Danville, VA

A 76-unit townhouse complex located in a quiet neighborhood setting in Danville, VA.  The property was restructured and sold to a pair of 1031 exchange buyers and is part of a 136-unit portfolio with the Williamsburg Village Apartments. 

Hermitage Drive Portfolio: Williamsburg Village Apartments

Danville, VA

A 60-unit townhouse complex adjacent to the Westchester Square Townhomes in Danville, VA.  The property was acquired as part of a restructuring of the ownership of Westchester Square in order to accommodate two 1031 exchange buyers.   The combined portfolio - totally 136 units - will be run as one entity and is expected to produce cash-on-cash returns to the investors of over 8%.

Briarcliff Apartments

Wilson, NC

80-unit apartment community located in a great part of Wilson, NC - walking distance to the medical center, the BB&T data center, and various retail and restaurants. The property was purchased from a long-time family owner/operator and was the 1031 replacement property from the sale of Cambridge Apartments. The attractive purchase price should enable Prudent Growth to distribute 9+% cash-on-cash returns to its investors with a goal of an IRR of over 20% over the anticipated 5-year hold period.

Oakmont Apartments TIC

Reidsville, NC

A 48-unit apartment complex located about 20 minutes north of Greensboro.  The apartments are 95% leased, well maintained, and have many long-term tenants.  They are all large, 2-bedroom, 1.5 bath units with balconies and a large storage area.  This is an excellent value-add play. The property was purchased in May 2018 as part of a TIC deal in order to facilitate a 1031 exchange. 

Barrett Drive Office Portfolio

North Hils, Raleigh, NC

A 4-building office portfolio with nearly 90,000 square feet of leasable space located in the prestigious North Hills section of Raleigh, NC.  This was an off-market acquisition from a long-time owner/operator with many operational and physical value-add opportunities available.  As demand continues to grow for affordable office space in the Raleigh market the property should increase in value over time.  The portfolio was acquired at very attractive 8.50 cap rate, which will enable Prudent Growth to distribute better than 9% cash-on-cash returns to its investors.  

Carolina Commerce Center

Goldsboro, NC

A 67,000 square foot multi-tenant flex building located at the new Highway 70 bypass, NC 117 interchange in Goldsboro, NC – less than one-hour from Raleigh. Demand for quality flex/office space like this is growing rapidly throughout North Carolina.  92% leased with a great set of established businesses, including Ray Murray, Inc. and Best Commercial Development. This property will benefit from the accelerating growth on the east side of Raleigh. The property was acquired at an 8.75% cap rate, which should enable Prudent Growth to distribute better than 8% cash-on-cash returns to its investors.  

504 Cumberland Flex

Fayetteville, NC

A 55,000 square foot multi-tenant flex building located at 504 Cumberland Street in Fayetteville, NC. Demand for quality flex/office space like this is particularly strong amongst government contractors in the area.  88% leased with many government and defense contractors. This property should benefit from the growth in the greater Fayetteville area. The property was acquired at a 9.25% cap rate, which should enable Prudent Growth to distribute strong cash-on-cash returns to its investors.  

Olde Towne at Berwick

Savannah, GA

A 29,500 square foot multi-tenant retail property located at 50 Berwick Blvd, Savannah, GA. The center is 92% leased to a superb mix of internet-resistant tenants and the Berwick area is a rapidly growing suburb of Savannah.  The property was acquired at an 8.40% cap rate, which should enable Prudent Growth to distribute strong cash-on-cash returns to its investors.  

Crosslake Expo Center

Mooresville, NC

A 55,000 square foot multi-tenant retail flex property located at 131 Crosslake Park Drive, Mooresville, NC. The center is 90% leased to a superb mix of internet-resistant tenants and the town of Mooresville is a rapidly growing suburb of Charlotte, NC.  The property was acquired at an 8.75% cap rate, which should enable Prudent Growth to distribute strong cash-on-cash returns to its investors.  

Zebulon Crossings

Zebulon, NC

A 30,000 square foot, Walmart Shadowed multi-tenant retail center located at 844 E. Gannon Drive, Zebulon, NC. The center is 85% leased to a superb mix of internet-resistant tenants and the town of Zebulon is one of the fastest growing in Wake County.  The property was acquired at an 8.36% cap rate, which should enable Prudent Growth to distribute strong cash-on-cash returns to its investors.  

Oakbrook Town Center

Florence, KY

A 21,000 square foot multi-tenant retail building located at 7500 Oakbrook Drive, Florence, KY. The center is 100% leased to a superb mix of internet-resistant tenants and the town of Florence is nearby the newly announced Amazon distribution center (4000+ jobs).  The property was acquired at an 8.35% cap rate, which should enable Prudent Growth to distribute strong cash-on-cash returns to its investors.  

Rolesville Town Center Mall

Rolesville, NC

A 19,500 square foot multi-tenant retail building located at 6310-6470 Rogers Road, Rolesville, NC. The center is 100% leased to a superb mix of internet-resistant tenants and the town of Rolesville is the fastest growing city in North Carolina.  The property was acquired at an 8.50% cap rate, which should enable Prudent Growth to distribute strong cash-on-cash returns to its investors.  

Airpark Flex Building

Fuquay-Varina, NC

A 24,000 square foot industrial flex building located just off 401 between Fuquay-Varina and Garner, NC.  Fully-leased with a great set of established businesses, including All My Sons Moving and Triangle Tile & Marble. Located less than 3 miles from a future I-540 interchange, the building will benefit from the rapid growth of the Fuquay-Varina suburbs. The property was acquired at an attractive price, which will enable Prudent Growth to distribute better than 8% cash-on-cash returns to its investors.  

Fuquay Retail Center

Fuquay-Varina, NC

A 22,000 square foot multi-tenant retail center located on a high-traffic road in the rapidly growing Raleigh suburb of Fuquay-Varina. Excellent visibility on Rt. 401, just a few miles south of the planned 401/I-540 interchange. Excellent physical condition with a diverse base of local and national tenants, including Enterprise Rent-A-Car, Overhead Door Company, Edward Jones, and Oaklyn Springs Brewery.  As Fuquay continues to grow - with over 7,000 homes in the pipeline - this investment will be an excellent long-term hold.  The property was acquired at very attractive 8.50 cap rate, which will should enable Prudent Growth to distribute better than 8% cash-on-cash returns to its investors.  

Shops at Garner Plaza

Garner, NC

A 57,000 square foot retail center located at the exit of Benson Road and I-70 business in rapidly growing Garner, NC.  Well-maintained with a great roster of established businesses, including Family Dollar and NY Bride and Groom.  As Garner continues to grow, Garner Plaza should benefit and increase in value.  The property was acquired at very attractive 9.00 cap rate, which will enable Prudent Growth to distribute better than 9% cash-on-cash returns to its investors.  

Ashcroft Commons

Reidsville, NC

A 32,000 square foot retail center located on Route 29 in busy Reidsville, NC.  Well-maintained with a great collection of established businesses.  As the Triad continues to grow, Ashford Commons should benefit and increase in value.  The property was acquired at very attractive 10.00 cap rate, which will enable Prudent Growth to distribute better than 9% cash-on-cash returns to its investors.  

Mebane Ridge Marketplace

Mebane, NC

A 24,000 square foot retail center located on Hwy 119 at I85 exit 153 in Mebane, NC.  Very well-maintained with a stable mix of both national and local tenants.  As the Mebane area continues to grow rapidly the center will certainly benefit.  The property was acquired at 8.25 cap rate, which will enable Prudent Growth to distribute better than 9% cash-on-cash returns to its investors.  

Reidsville Center

Reidsville, NC

A 27,500 square foot retail center located on Route 29 in bustling Reidsville, NC.  Very well-maintained with a stable mix of both national and local tenants.  As the northern Greensboro suburbs continue to grow the center will continue to gain in value.  The property was acquired at 8.00 cap rate, which should enable Prudent Growth to distribute better than 9% cash-on-cash returns to its investors.  

Metroform Medical Offce

Newark, DE

4700 square foot medical office deal tied to a long term lease with St. Francis Healthcare.  The property was acquired, fully leased, for an approximately 8.50 cap rate, enabling Prudent Growth to distribute a projected 9% return to its investors.

Grubbs Landing Shopping Center

North Wilmington, DE

13,500 square foot neighborhood center with tenants such as Grubbs Pharmacy, Got-A-Doc Urgent Care, and three others.  The property was acquired at an attractive cap-rate of 8.40 with projected cash-on-cash returns in excess of 9% per year to investors.

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Fully Cycled Investments

University Drive Shopping Center, 41% IRR

Durham, NC

A 13,000 square foot retail center located in a developing area of Durham, NC. An additional 1-acre commercial lot was also acquired as part of the deal.  We successfully re-leased a large unit, upgraded the overall appearance, and were approached by a Raleigh development company about a sale within 6-months of ownership. The sale process took about a year as various hurdles involving Durham planning and zoning were overcome by the buyer.  University Drive was purchased in late summer of 2017 for $1,600,000 and was sold in March 2019 for $2,175,000. The resulting IRR to investors was 41.00% on an annualized basis for the hold period. The proceeds are being used in a 1031 exchange.

Meadows at Russell, 75% IRR

Statesville, NC

​100-unit apartment community located in a suburban setting of the growing city of Statesville, NC (part of the Charlotte MSA).   Meadows was rebranded, had some exterior value-add projects done (including roofs and parking lots), and was sold in 13-months to a private real estate fund. The property was originally acquired for $4,400,000 and was sold for $6,000,000.  The resulting IRR to investors was 75% on an annualized basis for the 13-month hold period. The proceeds are being used to complete a 1031 exchange into a larger apartment community in Greenville, NC.

Willow Woods Apartments, 32% IRR

High Point, NC

A 112-unit apartment complex located in a fast-growing High Point, NC.  Willow Woods benefitted from some light updates, mainly on the exterior, and was subsequently sold to an out-of-state buyer. The property was originally acquired for $5,600,000 (an approximate 6.75 cap rate) and was sold to the new owner for $7,150,000 in less than 2 years. The resulting IRR to investors was 32% on an annualized basis for the hold period. The proceeds are being used to complete a 1031 exchange into a mix of retail, office and industrial properties.

Hope Valley Pointe, 30% IRR

Durham, NC

A portfolio of 7 condos and a controlling interest in the Hope Valley Pointe shopping center. An aggressive leasing strategy and some targeted improvements enabled PGP to dramatically improve the net operating income of the property. Hope Valley Pointe was acquired in November 2015 for $1,900,000 and was sold in July 2018 for $2,775,000. The resulting IRR to investors was 30.00% on an annualized basis for the hold period. The proceeds are being used in a 1031 exchange to acquire the Shops of Garner Plaza shopping center in the fall of 2018.

Cambridge On Elm Apartments, 21% IRR

Greensboro, NC

A 36-unit apartment complex located in a rapidly gentrifying area of Greensboro along North Elm Street.  The property was renovated and then sold to an out-of-state buyer. The property was originally acquired for $1,260,000 (an approximate 6.75 cap rate) and was sold to the new owner for $1,875,000. The resulting IRR to investors was 20.55% on an annualized basis for an approximate 2-year hold period. The proceeds are being used via a 1031 exchange to acquire the Briarcliff Apartments in Wilson, NC later in 2018.

Oakmont Apartments, 29% IRR

Reidsville, NC

A 48-unit townhouse complex located about 30 minutes north of Greensboro in Reidsville, NC.  The property was renovated and then sold to a pair of 1031 buyers - both managed by PGP. The property was originally acquired for $2,325,000 (an approximate 6.75 cap rate) and was sold to the new entities for $2,950,000. The resulting IRR to investors was 29% on an annualized basis. The proceeds were used via a 1031 exchange to acquire a TIC interest in the Liberty Crossing Apartments in Jacksonville, NC.

Westchester Square Townhomes, 32% IRR

Danville, VA

A 76-unit townhouse complex located about 40 minutes north of Greensboro in Danville, VA.  The property was extensively renovated and then sold to a pair of 1031 buyers - both managed by PGP - who wanted to combine the property with an adjacent 60-unit townhouse community in order to create a larger portfolio. PGP was able to add over $40,000 to NOI within the first year-and-a-half of ownership. The property was originally acquired for $2,5000,000 (an approximate 9.00 cap rate) and was sold to the new entities for $3,750,000. The resulting IRR to investors was 32% on an annualized basis. The proceeds are being used via a 1031 exchange to acquire a TIC interest in a larger apartment community later this summer.

Granville Commons, 44% IRR

Butner, NC

A 49-unit apartment complex located about 15 north of Durham in Butner, NC.  Well maintained with high occupancy.   Successful value-add strategy that has added over $40,000 to NOI within the first year. The property was acquired for $2,625,000 (an approximate 8.25 cap rate) and was sold for $3,915,000 just over two years later. The resulting IRR to investors was 44% on an annualized basis. The proceeds were used in a 1031 exchange to acquire TIC interests in two additional properties.

Garrett Road Shopping Center, 70% IRR

Durham, NC

15,000 square foot neighborhood center with tenants such as La Tienda Market, Boost Mobile, and Video Nav Auto Upholstery.  The property was acquired in September 2015 at an attractive cap-rate of 11.00% and averaged cash-on-cash returns in excess of 12% per year to investors.  It was sold in September 2017 at an approximate cap-rate of 8.15%.  The annualized IRR to investors was approximately 70%, resulting in a near tripling of the overall project capital.  The proceeds were used in a 1031 exchange for a larger shopping center in Reidsville, NC.

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