Triad apartment community sells for $7.15 million
We are thrilled with our latest sale, this time of the Willow Woods Apartments in High Point. We had completed our value-add strategy, improved operations, and received an unsolicited offer from an out-of-state buyer - and they were willing to assume the loan which minimized our transaction costs on the sale.
We are recapitalizing the LLC and will be rolling the proceeds into several replacement properties in order to complete a 1031 exchange.
From the Triad Business Journal:
A Triad apartment complex was sold for $7.15 million, and the new owner plans to begin phasing in improvements soon.
Willow Woods Apartments, a 112-unit community in High Point, was purchased by an LLC controlled by Geller Associates, a third-generation, family owned company based in Roseland, New Jersey, that specializes in affordable housing. The seller of the 10-acre property was an LLC controlled by Prudent Growth Partners of Chapel Hill.
A month ago, Triad Business Journal reported that PGP had purchased the 24,000-square-foot Mebane Ridge Marketplace for $3.3 million.
Owner Adam Geller said Willow Woods fit into his company's portfolio, which according to the Geller website includes multifamily dwellings in Delaware, Maryland, Pennsylvania, New York and North Carolina. He said his company typically buys apartments built in the 1970s and 1980s.
Willow Woods, a 112-unit community located at 3023 Ingleside Drive, was built in 1969 and renovated in 2012. In March, it was reported that Wynnefield Properties had plans to build 96 "affordable" apartments near the intersection of Wendover Avenue and Tarrant Road in High Point, which has a shortage of affordable housing
"We love the area and its growth potential," Geller told TBJ.
Geller said he expected to spend "$4,000 or $5,000" per unit on kitchen and bath improvements as units become vacant. He said renovations likely would include new kitchen appliances and new bathroom vanities.
"We always look to upgrade the units," Geller said.