Source: SBV Communities / #Apartments #Multifamily
GREENSBORO, NC - SBV Communities announced its fourth multifamily apartment purchase in Greensboro, NC. Lexington Commons, a 106-unit apartment complex, is located just north of downtown Greensboro and bolsters the company's recent activity in the market. SBV Communities executed the purchase and sale agreement on May 22nd and closed the transaction on June 26th.
Chris Thomson, Director of Multi-Family Acquisitions stated. "Our recent experience in Greensboro has made us pretty bullish on the city. We believe we will be able to add and derive significant value from our purchases. Lexington Commons is no exception. We expect our activity level in Greensboro to continue and are actively seeking additional opportunities."
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.
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.