Source: SBV Communities / #Apartments #Multifamily
GREENSBORO, NC - SBV Communities announced its fifth multi-family apartment purchase in Greensboro, NC. LeMans at Lawndale, a 109-unit apartment complex, is well positioned with access to highways, shopping and recreation. 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, "When it rains it pours. Purchasing five properties in such a tight timeframe is really optimal for our operational model. We can essentially bring all of these new properties into the fold at once, very quickly. And establishing such a solid presence in a market in one shot is something we'd love to repeat."
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.