by Bryan De Bruin | Dec 8, 2023 | News
SPARTANBURG — City Council is one vote away from clearing the path for a townhome community that could transform an economically challenged area near Spartanburg Medical Center.
A second reading is scheduled July 24 for the nine-acre property on Florida Avenue to annex the property, which is currently unzoned in Spartanburg County, and zone it for a mixed-use development.
Greenville-based firm VanRock Holdings is proposing 86 townhomes and a restaurant on the plot where developers originally pitched multi-family housing. That plan has changed because of market conditions and trying to meet Spartanburg’s needs, developer Bryan De Bruin told the city’s planning commission.
If the council votes in favor of the annexation and rezoning, VanRock Holdings has six months to submit final design plans, which initially include two-and three-story rental townhomes with garages, a restaurant facing North Church Street and walking trail alongside Little Chinquapin Creek.
The project’s final design plans must be presented to the city’s planning commission within six months of approval.
City Councilwoman Ruth Littlejohn supports the proposed development and wants new sidewalks on Florida Avenue — where many homes sit vacant with boarded windows — to be part of the developer’s final design.
by Bryan De Bruin | Dec 8, 2023 | News
VanRock Real Estate has purchased Cottage Gardens, a 176-unit multifamily property in Greensboro, N.C., from a private in-state firm. A Capstone Cos. team facilitated the $13.5 million off-market deal. The buyer assumed a preexisting permanent HUD loan of $7.6 million, with a fixed interest rate of 2.4 percent, according to Yardi Matrix data. The loan matures in 2056.
Cottage Gardens encompasses 19 buildings with one and two stories, totaling 176 one-, two- and three-bedroom units. The apartments range from 520 to 780 square feet.
Completed in phases between 1959 and 1966, the 14.4-acre stabilized property is situated in the Eastside Park area, at 307 Avalon Road. Cottage Gardens is less than 3 miles east of downtown Greensboro, also close to several colleges and universities including North Carolina A & T State University.
The Capstone team that closed the deal, led by Partner & Carolinas and Virginia Production Lead Ron Corrao, also included Managing Director Eric Liebich, Directors Josh Greenwald and Scott Fuller, and Investment Sales Advisors Matt Weinstein and Dane Lozier.
by Bryan De Bruin | Dec 8, 2023 | News
GREENSBORO, NC — Capstone Companies has successfully facilitated the $13.5M off-market sale of Cottage Gardens, a 176-unit, 1960-constructed apartment community in the Eastside Park submarket of the Greensboro, NC MSA. 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.
Media Contact:
Jaclyn Chapman
Director of Strategic Marketing Communications
jaclyn@capstone-companies.com
by Bryan De Bruin | Dec 8, 2023 | News
SPARTANBURG, SC – Avison Young announced that the commercial real estate services firm has arranged the $4.9 million sale of two multifamily buildings in Downtown Spartanburg. The properties include City View Apartments, a 39-unit apartment building and East Main Apartments, a 16-unit apartment building.
Christian DiCroce of Avison Young represented both the buyer and sellers in the off market transaction. The property was acquired by Van Rock Holdings LLC.
“Both properties offer an attractive unit mix and offer significant upside on mark-to-market rental increases due to the desirability of the assets and continued limited supply in this submarket. We were able to execute a loan assumption on both properties securing a significantly below market interest rate for the buyers while allowing the sellers to avoid yield maintenance on their exit” said DiCroce, Associate at Avison Young. “Spartanburg will continue to see investment and rental demand due to net migration and corporate relo’s as well as continued investment and expansion from well renowned companies like BMW.”
Ciew View Apartments is located at 144 West Henry Street while East Main Apartments is located at 701 East Main Street and both properties were above 90% occupancy at the time of sale.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
by Bryan De Bruin | Dec 8, 2023 | News
Avison Young announced that the commercial real estate services firm has arranged the $4.9 million sale of two multifamily buildings in downtown Spartanburg. The properties include City View Apartments, a 39-unit apartment building and East Main Apartments, a 16-unit apartment building.
Christian DiCroce of Avison Young represented both the buyer and sellers in the off-market transaction. The property was acquired by Van Rock Holdings LLC, according to a news release from Avison Young.
“Both properties offer an attractive unit mix and offer significant upside on mark-to-market rental increases due to the desirability of the assets and continued limited supply in this submarket. We were able to execute a loan assumption on both properties securing a significantly below market interest rate for the buyers while allowing the sellers to avoid yield maintenance on their exit,” DiCroce said in the news release. “Spartanburg will continue to see investment and rental demand due to net migration and corporate relo’s as well as continued investment and expansion from well renowned companies like BMW.”
Ciew View Apartments is located at 144 West Henry St. while East Main Apartments is at 701 E. Main St. Both properties were above 90% occupancy at the time of sale, the release said.
