Chapel Hill-based Prudent Growth Partners has completed its second acquisition in less than a month - this time with a purchase in Greensboro, NC.
Greensboro, NC (PRWEB) July 02, 2016
Prudent Growth Partners, LLC, a real estate investment company based in Chapel Hill, NC, has completed its second acquisition in the Triad in as many weeks – this time acquiring the Cambridge on Elm Apartment Complex located at 3300 North Elm St.
The property, a 36-unit apartment complex, is located in a rapidly growing section of Greensboro, a vibrant area between Lake Jeanette and New Irving Park. The purchase price was $1,260,000.
“We are planning on doing a substantial renovation of the apartment complex – both inside and out,” says Tom Hahn, President of Prudent Growth Partners. “We will be doing new roofing, parking, painting and landscaping outside, as well as improving all of the interiors of the apartments as they turnover.”
Asked why he chose the property, Hahn says, “The area around Cambridge on Elm is growing rapidly, and we believe that there is a substantial upside once the units are improved. This is an attractive complex and should appeal to renters looking to live in a great area, but at rental rates that are substantially under those of newly constructed units nearby.”
Prudent Growth Partners is continuing to add to its portfolio, and is focusing on the greater Triad as well as the Triangle markets of North Carolina.
“This is our seventh deal, and we have several more in various stages of acquisition. We continue to see good value-add opportunities in the area and plan on being an active buyer as long as the trend continues.”
Prudent Growth is pursuing a strategy of acquiring Class-B, garden style apartments in areas that have strong potential for population growth, economic development, and job creation. Given the tight supply of "working class" apartments, the demand for apartments is currently outstripping available inventory.
"We expect that to continue for at least the next 3 to 5 years," says Hahn. "The build cost for new apartments is frequently twice the price that we are able to acquire existing apartments for. We view this as a very safe play."
About Prudent Growth Partners, LLC
Prudent Growth Partners, LLC is a private real estate investment company based in Chapel Hill, North Carolina. PGP’s focus is on properties that tend to be overlooked by larger institutions and which provide exceptional returns on invested capital along with the possibility of longer term capital gains achieved by expert management and future price appreciation. http://www.prudentgrowth.com
For the original version on PRWeb visit: http://www.prweb.com/releases/2016/07/prweb13526896.htm