Steeplechase and Park Forest Apartments in Greensboro sold
JLL Capital Markets handled the $74M sale of both properties in Hudson Capital’s portfolio
CHARLOTTE, January 5, 2021 – JLL Capital Markets announced today that it has closed the $56.2 million sale of the Steeplechase Apartments and $17.8 million sale of the Park Forest Apartments, both located in Greensboro, North Carolina.
JLL worked on behalf of the seller, Hudson Capital Properties, to complete the sales to two separate buyers. Steeplechase Apartments sold to Florida-based Advenir, and Park Forest to New Jersey-based Eminent Capital.
Steeplechase Apartments, located at 1338 Adams Farm Pkwy, consists of 420 one-, two- and three-bedroom units, totaling 451,080 rentable square feet. Units feature in-home fireplaces and vaulted ceilings, with select units including a screened-in patio or porch, in-unit washer and dryer and a stainless-steel appliance package. Community amenities include outdoor barbecue grills, fitness center, laundry room, resort-style pool, playground and a tennis court.
Park Forest Apartments, located at 3214 Brassfield Rd., totals 135,749 rentable square feet and consists of 151 one- and two-bedroom units. The boutique garden community features a resort-style swimming pool with a sundeck, two grilling areas, picnic pavilions, a business center, 24-hour fitness center and a lounge with complimentary coffee bar.
Greensboro is part of the Piedmont Triad, one of the largest metropolitan statistical areas (MSA) in North Carolina with a population of over 1.6 million, which includes Greensboro-Winston/Salem-High Point. The Piedmont Triad has a deep history in being a national leader in textiles, furniture, aviation, logistics, laboratory sciences and medicine; with recent economic growth in the manufacturing, grocery and distribution. Continuously growing in population due to being a highly-amenitized and affordable city, there is currently 850,000 square feet of construction proposed downtown.
The JLL Capital Markets team representing the seller was led by Andrea Howard, John Currin, Jeff Glenn Allan Lynch and Caylor Mark.
Howard said, “Having sold both assets to the Hudson Capital team in 2015, it was exciting to see their stewardship of Steeplechase and Park Forest culminate in a tremendously successful sales process. Hudson perfectly positioned the value-add properties to capitalize on an increasingly competitive Greensboro sales environment.”
Currin added, “With muted future supply and continued population and job growth in the Triad, both Advenir and Eminent Capital will enjoy outsized returns for years to come.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Hudson Capital Properties
Founded in 2009, Hudson Capital Properties (HCP) is a multifamily real estate investment and development company. Through its affiliated companies, HCP develops, acquires, owns, and operates a portfolio of multifamily properties in the Southeastern United States that currently comprises over 6,500 units, and has close to 400 units under development in the Carolinas. Led by James S. Cohen and Robert B. Cohen II, the HCP team has developed a track record of value creation through diligent processes and a hands-on asset management approach. With in-house expertise in development, construction, asset management and finance, HCP has proven its ability to source opportunities, close transactions quickly and efficiently manage and perform large scale improvements on its properties.
About Advenir, Inc.
Founded in 1996, Advenir, Inc. is a Real Estate Investment Company headquartered in Aventura, Florida (Miami-Dade). Advenir acquires and operates multi-family rental communities throughout the United States, on behalf of high net worth and institutional investors. Since inception, Advenir has owned and operated more than 25,000 apartment units valued at just under $3.7 Billion. Our current portfolio consists of 13,500 apartment units valued at more than $2.3 Billion. In addition to Advenir, Inc., Advenir has a Property Management Company with 350 employees and regional offices in Florida, Texas, and Colorado; and a Construction Management Company focused on multifamily development and rehabilitation.