PGP Exits Briarcliff Apartments in Wilson, NC
Despite the difficulties in consummating deals in the current COVID-19 climate, we are happy to report that we have successfully sold our 80-unit Briarcliff Apartments property in Wilson, NC.
This was a really good result for our investors: the property was purchased in September 2018 for $3,200,000 and sold in April 2020 for $4,500,000. The resulting gain to investor equity was an annualized IRR of 45%. We are planning on rolling this into another property via a 1031-exchange.
During our ownership period we installed many new roofs, painted the exteriors, and did a number of value-add updates on some interiors.
The buyer was an out-of-state investor who is eager to buy more units of workforce housing in the greater Carolinas.
There are several more dispositions and refinancings in the works for May and June!