Capstone Companies has successfully facilitated the $13.5M off-market sale of Cottage Gardens, an apartment community in the Eastside Park submarket of the Greensboro, North Carolina MSA.
Built in 1960, Cottage Gardens features multiple 1- to 2-story buildings consisting of 176 total units. Units may contain 1-3-bedrooms, 1 bathroom, and average 650 sq ft. Each unit provides washer and dryer hookups. Community amenities include a courtyard, BBQ and picnic area, plus a 24-hour onsite laundry facility. The community is also pet-friendly.
The seller, a private firm based in North Carolina, kept the property exceptionally well maintained with very little exterior deferred maintenance. Capstone’s transaction team, led by Ron Corrao, worked diligently alongside Eric Liebich, Josh Greenwald, Scott Fuller, Matt Weinstein, and Dane Lozier to ensure the successful completion of this deal.
Cottage Gardens presents a tremendous opportunity for the buyer, VanRock Real Estate. With little deferred maintenance, they plan to build upon the numerous improvements made by the prior owner to enhance the interiors, exteriors, and amenities for the benefit of current and future residents. VanRock Real Estate assumed the in-place HUD loan at an extremely attractive interest rate, which further strengthens the potential for a successful investment.
The community benefits from its strategic location less than three miles from Downtown Greensboro and to a number of major roadways, putting the residents within close proximity to all major demand drivers Greensboro and surrounding areas have to offer. The property is also within a 10-minute drive to four colleges and universities. Cottage Gardens operated at stabilized occupancy at the time of closing.
