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232 Unit Property Sold - Price Almost Doubled in Nine Years

Posted By: Jon Lowder Blog ,

The Triad continues to prove to be a hot target market for multifamily investors, as seen in the sale of Reserve at Bridford:

A large upscale apartment community in the Triad was sold for $33.25 million in a deal completed Wednesday...

Reserve at Bridford has 232 units built in 1999 and renovated in 2012. Rents range from $900 for the least expensive one-bedroom units to $1,914 for the most expensive three-bedroom units, according to apartments.com...

Chaucer, which bought the community for $17.4 million in 2011, is developing The Easley, a 300-unit luxury community in downtown Winston-Salem, with DPJ Residential of Charlotte.

For those keeping score at home, that means the community sold for $75,000 a door in 2011 and $143,319 this time around.