CityView, developed by Signature, was one of the first major residential projects downtown when it broke ground in 2007.
The sale, a first for Signature in its 25 years of business, lifts constraints on cash resources, allowing the group to develop four more properties in the year ahead, said owner Frank Auman.
Buy and build low, sell high by Frank Auman,
to Roy Carroll,
who purchased and developed Centre Point
right about at the last real estate market top.
"The CityView sale, which Auman said was unsolicited, helps fuel that growth.
Roy clearly paid a premium,
most likely with borrowed money.
A real estate broker contacted him to judge interest in a sale, and the buyer remained anonymous for months.
"Carroll said the acquisition will help The Carroll Cos. take advantage of a “variety of synergies and operating efficiencies that come from owning three projects just blocks from each other in downtown.”
CityView joins Carroll’s other major downtown projects: Center Pointe, 98 luxury condominiums in a 17-story tower on North Elm Street; and Bellemeade Village, a large-scale mixed-use project planned near NewBridge Bank Park. Bellemeade Village, a $50 million project that will include a Hyatt Place hotel and 300 upscale apartments, could see site work begin “any moment,” Carroll said Wednesday.
...With occupancy staying in the mid-90 percentage range, Carroll said he could see more units being added to the community’s old clubhouse, along with more resident amenity space.
Mid 90% occupancy rates
are relatively reliable predictors
of local real estate rental market bubbles,
after which occupancy tends to fall.
He also expects ...making rickshaws available to cart residents between the properties and downtown areas.
“The acquisition of CityView fits perfectly with our investment strategy and commitment to downtown Greensboro,” he said. “CityView offers the perfect bookend on the Southside to our developments at Center Pointe and plans for Bellemeade Village.”
For The Carroll Cos., the purchase, at $94,560 per unit, is a large step toward its goal of acquiring $100 million in multifamily communities this year."
"CityView sale one of Triad's largest per unit
The acquisition of CityView apartments by The Carroll Cos. is one of the most expensive multifamily sales, per unit, in the Triad.
...other large apartment deals in the last year:
Brassfield Park apartments, Greensboro
— $28.4 million, 336 units, $84,523.81 per unit.
Sedgefield Apartments, Winston-Salem
— $9.8 million, 144 units, $68,055.56 per unit.
Rehobeth Pointe and Juliet Place, Greensboro
— $16 million, 251 units combined, $63,745.02 per unit.
Swathmore Court Apartments, High Point
— $5.9 million, 104 units, $56,730.77 per unit.
Hawk Ridge apartments, Winston-Salem
— $9.1 million, 168 units, $54,166.67 per unit.
The Reserve at Regents Center, Lexington
— $7.4 million, 144 units, $51,388.89 per unit.
Sherwood Ridges, Winston-Salem
— $9.75 million, 213 units, $45,774.65 per unit.
Brentwood Crossing, High Point
— $5.5 million, 138 units, $39,855.07 per unit.
Madison Park apartments, Greensboro
— $7 million, 180 units, $38,888.89 per unit.
Brannon Park Apartments, Greensboro
— $11.4 million, 299 units, $38,127.09 per unit.
$94,561 per unit,
for 446 CityView apartments.
Roy wants Zack Matheny to lead DGI.
If Zack runs DGI,
Roy will be downtown's king maker.
Through Zack and a purchased City Council,
Roy will get to choose who wins business
and who loses
even more than he does now.
"It is the first acquisition of an apartment development by the Carroll Companies and the first sale of a property by Signature Property Group.
We want to start doing acquisitions, especially in areas where we already have a presence. But we aren’t going to slow down our own developments.” Carroll said he had been interested in acquiring more developments for a while but now had people on board who could properly analyze potential investments for the company.
...The Carroll Companies is among the nation’s leading privately held real estate companies focusing on multifamily development and acquisition, with properties throughout North Carolina, South Carolina, Tennessee and Texas. The company’s portfolio has an asset value of over $1.4 billion and consists of over 12,000 apartments in operation or under construction, and one newspaper."
Notice Roy never says how much debt he's carrying?