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344-Unit Apartment Community Sold

Posted By: Jon Lowder Blog ,

A 344-unit apartment community in Greensboro sold to a Virginia-based LLC. From the Triad Business Journal:

A Triad apartment community near a busy retail area was sold for $51.1 million in a transaction recorded Tuesday.

Gingko Residential of Charlotte sold the 344-unit complex at 1521 Bradford Parkway in Greensboro to an LLC managed by Louis Rogers, CEO and founder of Capital Square 1031 in Glen Allen, Virginia. Cushman & Wakefield represented the seller.

Abbington Place was built in the mid-1990s and renovated in 2017. The 37.5-acre community, which sold for $30.2 million in October 2015, is just south of Interstate 73, near the Adams Farm neighborhood and the West Wendover Avenue retail corridor.

If we do a little math we can see that the acquisition price was a little over $148,546 per door.