237-Unit Class-A Greensboro Apartment Community is Sold

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Carlisle Residential has sold its Encore North community in Greensboro to Grimley Residential. The 237-unit community sold for $34.3 million, or $144,725 per door. Here are more details from an article in Multi-Housing News:

Carter-Haston will manage the community on behalf of the new owner. Built in 2017, the apartment property offering one- and two-bedroom homes is located at 3619 N. Elm St., less than 5 miles north of downtown Greensboro.

The community was built by Lomax Construction and comprises five three-story buildings, with an occupancy rate of nearly 94 percent, according to Yardi Matrix data. Amenities include a fitness center, swimming pool, resident lounge and dog park…

Grimley Residential’s Southeast portfolio is growing. Early last year, the company bought Preserve at Hardin Valley, a 296-unit community in Knoxville, Tenn., for $48 million from a joint venture between Crescent Bend Development and Cumberland Advisors, according to Yardi Matrix.