PGP Expands in Eastern NC With Latest Purchase
We are excited about our newest apartment community, Briarcliff Apartments in Wilson, NC.
This was an off-market deal that was purchased from a long-time family owner and operator. Lots of upside from more efficient management, better marketing, and some value-add opportunities at turnovers.
We love the location also - it is a stone's throw from the large medical complex and BB&T data center, which are both huge employment drivers for Wilson.
From the PR Web Release:
Prudent Growth Partners, LLC, a Chapel Hill, NC based private equity real estate firm, has completed a $3.3 million transaction to purchase the 80-unit Briarcliff Apartments in Wilson, NC.
"This is our second multifamily acquisition in Eastern NC this year,” said Tom Hahn, President of PGP. On June 8 his group completed the purchase of the Liberty Crossing Apartments in Jacksonville, NC. He added that he is excited about the growth he is seeing in Wilson, NC, which includes the recent announcement by BB&T to construct a new $35 million tower in the downtown business district.
When asked about the purchase, Hahn said "This is exactly the kind of property we like to acquire - it has been well run with many long-term tenants, and there are some great improvements planned for the residents."
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."