Prudent Growth Partners, a private equity real estate firm, has acquired two adjoining apartment communities in Greenville, North Carolina. The price of the acquisition was $7.25 million.
CHAPEL HILL, N.C. (PRWEB) DECEMBER 05, 2018
Prudent Growth Partners, LLC, a Chapel Hill, NC based private equity real estate firm, has completed the $7.25 million acquisition of two adjoining apartment communities – Arlington West and Pecan Grove – located in Greenville, NC.
The property was purchased with the 1031 proceeds from Prudent Growth’s recent $6 million sale of the Bella Vista apartment community in Statesville, NC.
“This is our third multifamily acquisition in Eastern NC this year,” said Tom Hahn, President of PGP. On June 8 his group completed the purchase of the Liberty Crossing Apartments in Jacksonville, NC, followed by the purchase of Briarcliff Apartments in Wilson, NC in late September. He added that he is thrilled with the location of this community, which is only about a mile from the booming Vidant Medical Center complex.
“This is a great addition to our portfolio – the property is in excellent shape and we love the location – less than two miles to many large employers, including Vidant, ECU, and several large retailers,” said Hahn.
Prudent Growth Partners, based in Chapel Hill, NC, is focused on acquiring garden style apartment communities, typically with 75 to 200 apartments, as well as neighborhood retail centers and office buildings. “We look for properties, typically Class B or C, that are well managed, well positioned, with upside for our investors over the long term,” said Hahn. “Like several of our other transactions this year, this was the replacement property from a 1031-exchange tied to the sale of one of our other properties.”
Prudent Growth Partners has a growing network of accredited investors who participate in each transaction. “A typical transaction is structured to provide solid cash flows to our investors each quarter – typically at least an 8% annualized return – as well as long-term upside through the appreciation of the property,” said Hahn. “It is a passive investment for the investor and provides great returns and a nice hedge against future inflation.”
Prudent Growth Partners, LLC is a private equity real estate investment company based in Chapel Hill, NC. 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.