CHAPEL HILL, NC - Prudent Growth Partners, LLC, a Chapel Hill, NC based private equity real estate firm, recently completed the $7 million acquisition of the Lauradale Apartments in Jacksonville, North Carolina.
The 155-unit apartment community is located at 2 Aragona Blvd, was 100% occupied at the time of the acquisition. Lauradale adds a second community to Prudent Growth's portfolio in Jacksonville - the first being Liberty Crossing Apartments, which the group bought in 2018 for $13.2 million.
"This is another great acquisition for PGP. The strong rental demand, coupled with some great value-add opportunities really stood out to us," said Tom Hahn, President of Prudent Growth Partners. "The location is excellent - near many retail sites and employment drivers along Western Boulevard. It is also only a couple of miles from Liberty Crossing, which will enable us to manage both properties effectively. The Jacksonville market has been very strong and we are looking for more opportunities in the area."
Prudent Growth Partners focuses on acquiring garden style apartment communities, typically with 75 to 200 units, as well as neighborhood retail centers and office buildings.
"Our bread-and-butter holdings are Class B or C properties, in strong submarkets, which we believe will provide consistent cash flow and long-term value for our investors - and Lauradale checked all of those boxes," stated Hahn.
Prudent Growth Partners has a growing network of accredited investors who participate in each transaction.
"Our standard transaction is structured to provide immediate cash flow to our investors each quarter - typically an 8% annualized return – as well as long-term upside through the appreciation of the property," said Hahn. "These are passive investments and they provide great returns with a nice hedge against future inflation."