Source: SBV Communities / #Apartments #Multifamily
GREENSBORO, NC - SBV Communities announced its purchase of 168-unit Misty Creek Apartments in Greensboro, North Carolina. The acquisition is the first in the state for the owner and operator of multi-family apartment complexes and marks the continuing expansion of its portfolio. SBV Communities executed the purchase and sale agreement and closed the transaction within 33 days and added a 16th market to its growing portfolio.
Greensboro, part of the Piedmont Triad (which also includes Winston-Salem and High Point) is the third largest city in the state. Historically known for its ties to tobacco, the city is home to the headquarters of Lorillard Tobacco Company. The city continues to diversify its economic base, in part due to its central location, which makes it an ideal logistical hub for companies with major operations such as FedEx, Mack Trucks, and RF Micro Devices. Additionally, Greensboro boasts several colleges and universities, including NCA&T and UNC Greensboro.
Chris Thomson, Director of Multi-Family Acquisitions stated; "Our research put Greensboro on our radar for quite some time. The economics are favorable; the state offers many business and lifestyle advantages and the growth rates in key sectors fit our profile. With few units becoming available, we think this is a really smart market to add to our portfolio. "
SBV Communities was formed in 2009 to acquire and manage multi-family real estate properties. The company builds long-term value for investors by focusing on lender-owned, B & C properties with strong value-add potential. SBV Communities' portfolio includes assets in fourteen markets.