Chapel Hill group buys Triad apartment complex for $1.26M
Good coverage on our latest acquisition from the Triad Business Journal:
The 36-unit complex is located between Lake Jeanette and New Irving Park, at 3300 North Elm St.
Tom Hahn, president of Prudent, said his company was attracted to the property because of its location.
“The area around Cambridge on Elm is growing rapidly, and we believe that there is substantial upside once the units are improved,” he said. “This is an attractive complex and should appeal to renters looking to live in a great area, but at rental rates that are substantially under those of newly constructed units nearby.”
The property, which consists of 24 two-bedroom units and 12 one-bedroom units, is 95 percent occupied.
Prudent, a private real estate investment company, plans to renovate both the interior and exterior of the apartments.
“We will be doing new roofing, parking, painting and landscaping outside, as well as improving all of the interiors of the apartments as they turnover,” Hahn said.
The acquisition is the second in two weeks in the Triad for Prudent, who purchased the Oakmont Apartments in Reidsville for $2.32 million on June 15.
The real estate investment company, which opened this year, is focusing its portfolio on the greater Triad as well as the Triangle markets.
“This is our seventh deal and we have several more in various stages of acquisition,” Hahn said. “We continue to see good value-add opportunities in the area and plan on being an active buyer as long as the trend continues.”
Full Article Here: