GREENSBORO, NC - Addison Partners, a New York City-based real estate investment firm, has acquired a three-property portfolio in Greensboro, North Carolina for $5.7 million. The 178-unit portfolio consists of three properties: Guilford Place (44 units) located at 326 Guilford College Road; Nottingham Place (62 units) located at 4254 United Street; and Pepper Tree Apartments (72 units) located at 4311 Trinity Avenue. Headed by Brian Schneider and Mary Stewart Malone, the purchase marks Addison Partners’ fourth acquisition in North Carolina, bringing the firm’s unit count in the state to 400 units.
Greensboro is the third most populous city in North Carolina and is part of the Triad (population 1.6M). “With notable companies like Honda Aircraft, Kasyer-Roth, Volvo Trucks, and Wrangler, Greensboro’s workforce economy is strong” says Mary Stewart Malone, a Principal at Addison Partners and co-head of acquisitions. “Recently, Greensboro has been focusing on attracting business in the technology, aviation and transportation sectors. Gateway University Research Park, a joint research park operated by UNC Greensboro and NC A&T State University, is nearby. Amazon is opening a new fulfillment center in 2020 which will add 1,000 new full-time jobs in Kernersville, a 15-minute drive from the properties. Our properties benefit from this job growth.”
Built on average in 1988, the properties are located adjacent to major thoroughfares I-40 and Wendover Avenue, providing residents easy access to job centers. “This portfolio provides quality housing at an affordable price point that appeals to a broad local demand base. We plan to implement a light value-add program on the exterior and renovate units. We don’t do anything fancy, we just do it well,” says Malone.
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