Greystone Acquires Apartment Complex in North Carolina’s Piedmont Triad
May 13, 2014
Greensboro’s Allerton Place Apartments Will Benefit from Rehabilitation and Property Management as Part of Greystone’s Multifamily Owner / Operator Structure
Greystone announced the acquisition of Allerton Place Apartments, a 228-unit multifamily property located in Greensboro, NC. The complex is located in the largest city of North Carolina’s robust Piedmont Triad region.
As part of its active acquisitions strategy, Greystone seeks out multifamily assets for its growing owner / operator model, investing in renovation and improved property management to increase value. The ideal real estate acquisition targets for this strategy are of 1980’s vintage – or newer – and over 200 units in size situated in the Southeast, mid-Atlantic and Midwest.
Allerton Place, constructed in 1997, comprises 14 garden-style apartment buildings with an accompanying clubhouse and leasing center. The Greensboro, NC property, purchased from Summit Equities, will transition to new property management provided by Greystone Property Management Corporation, which oversees thousands of residential real estate units in Florida, Indiana, Louisiana, North Carolina and South Carolina.
“We are thrilled to add Allerton Place to our growing portfolio of multifamily properties. This asset serves as the ideal example for how we can add value as part of our unique owner / operator strategy, and we hope to continue investing in this region,” said Bill Guessford, Managing Director of Greystone Acquisitions and Vice President of Greystone Property Management.