The Heights

This is a 133-unit apartment community located in the strong MSA of Greensboro, North Carolina. Deal was sourced direct-to-owner. "Mom and Pop" seller who has owned the property for 45+ years. This was a 1973 construction. The acquisition cost was very favorable $53,400 per unit which represented 15% discount at that time. This property was acquired in Dec 2020. The sponsorship team has pursued an aggressive business plan with renovation of the units and rent increases. This property has benefitted from the generalized compression in cap rate in the market. Investors expect more than 100% return in 20 months!