CHARLOTTE, NC- Sandhurst Apartment Management (“SAM”)has announced the purchase of Pinecroft Place Apartments, a 224-unit garden style multifamily complex built in 1973 located in Greensboro, NC. The acquisition closed in November 2021.
Pinecroft Place Apartments is a well-maintained, Class B garden style asset that was renovated in 2016. SAM purchased this off-market deal at a favorable below market price with a management upside, as the prior ownerships portfolio consisted only of this one multifamily asset. SAM views Pinecroft Place as an excellent opportunity to increase NOI by passing through traditional monthly expense such as, water/sewer, trash, cable, pest control, etc. to the residents. The prior ownership spent significant capital on the exterior of the property, which included roofs, corrections of drainage deficiencies, concrete work and flashing repairs. SAM also plans to continue any needed exterior improvements and interior value-add upgrades during our hold period, which have proven to lease at significant premiums compared to classic style units. With our hands-on management approach and continued property improvements, we anticipate this asset to produce very favorable returns.
Sandhurst Apartment Management is pleased to purchase its second asset in the Piedmont Triad MSA. With easy access to local highways, strong retail and dining presence, and an abundance of employment opportunities, Pinecroft Place is situated in an excellent location in Guilford County. The Triad is home to two fortune 500 companies (Hanes Brand and LabCorp), which have remained strong throughout the COVID-19 pandemic. Greensboro has added nearly48,000+ jobs since April of 2020 and the once sleepy “9-to-5” area is beginning to be revitalized into a vibrant destination catering to all Triad residents. With a growing employment market and few new multifamily developments coming into play, we expect Pinecroft to maintain a stable 95%+ occupancy with continued yearly increases in NOI and rental revenue.
ABOUT SANDHURST APARTMENT MANAGEMENT (“SAM”)
Sandhurst Apartment Management is a forward-thinking, time tested group that provides a wholly integrated package of property management services, including on-site asset management, construction supervision and due diligence. Our success is rooted in our thoroughly vetted, value-add property investments that provide high-quality rental apartments in good school zones with attentive, hands-on-property management. Sandhurst owns and manages assets in 10 states totaling 11,000+ units in excess of $1 Billon.