Prudent Growth Partners Completes $2.95 Million Transaction on Oakmont Apartments in Reidsville, NC
Prudent Growth has completed its second 1031 exchange in the Triad, following on the heels of its Danville transaction in April.
CHAPEL HILL, N.C. (PRWEB) JUNE 06, 2018
Prudent Growth Partners, LLC, a Chapel Hill, NC based private equity real estate firm, has completed a $2,950,000 transaction involving the 48-unit Oakmont Apartments in Reidsville, NC.
The transaction involved the sale of the property to three entities (all managed by PGP) who acquired the property in order to complete a 1031 exchange using a Tenancy-in-Common arrangement.
"This is the second 1031 exchange we have completed in as many months,” said Tom Hahn, President of PGP. On April 30 his group completed a similar 1031 exchange involving the Westchester Square and Williamsburg Village apartment communities in Danville, VA.
"Our ability to properly structure this transaction – including coordinating with multiple buying entities - to complete the 1031 exchange was critical to closing this deal ," said David Miller, General Counsel and Executive Vice President of PGP. “This is another great example of our ability to assist investors with their 1031 exchange needs by going beyond simply offering advice – we are identifying properties and closing on deals.”
Prudent Growth Partners, based in Chapel Hill, NC, is focused on acquiring garden style apartment communities, typically with 75 to 200 apartments, as well as neighborhood retail centers and office buildings. "We look for properties that are well managed, well positioned, with upside for our investors over the long term," said Hahn.
Prudent Growth Partners has a growing network of accredited investors who participate in each transaction. "A typical transaction is structured to provide solid cash flows to our investors each quarter - typically at least an 8% annualized return - as well as long-term upside through the appreciation of the property," said Hahn. "It is a passive investment for the investor and provides great returns and a nice hedge against future inflation."
There was no broker involved in the transaction.
Prudent Growth Partners, LLC is a private equity real estate investment company based in Chapel Hill, NC. 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.