Prudent Growth Partners has acquired the 100-unit Meadows at Russell Apartment community in a $4.5 million transaction.
Durham, NC (PRWEB) October 27, 2017
Prudent Growth Partners, LLC, a real estate investment company based in Chapel Hill, NC, has completed its acquisition of the Meadows at Russell Apartment community in Statesville, NC.
The property, a 100-unit community, is located at 502 Russell St, Statesville, NC 28677. The purchase price was $4,500,000.
“This is another great purchase for PGP and our investors The property has a history of very high occupancy and is a great value-add opportunity for us” says Tom Hahn, President of Prudent Growth Partners. “We are planning many improvements to the exterior of the buildings, the laundry room, playground, leasing office, and apartment interiors. We hope that the property remains an attractive place to call home for the long term.”
Asked why he chose the property, Hahn says “Statesville - as part of the Charlotte MSA - is a great location – it is growing rapidly, demand for apartments is strong, and Meadows is in an ideal location: a quiet neighborhood right off the interstate and near many retail locations."
Prudent Growth Partners is focused on acquiring more properties in North Carolina, South Carolina, and Virginia. “We continue to look for for properties that are well managed, well positioned, and provide affordable housing for residents in high growth areas” says Hahn.
The transaction was brokered by Bryan Ford of Capstone Apartment Partners. The complex will continue to be managed by Capstone Multi-Family Group.
About Prudent Growth Partners, LLC
Prudent Growth Partners, LLC is a private real estate investment company based in Chapel Hill, North Carolina. PGP’s focus is on properties that tend to be overlooked by larger institutions and which provide exceptional returns on invested capital along with the possibility of longer term capital gains achieved by expert management and future price appreciation. http://www.prudentgrowth.com