Even COVID Can't Stop the Apartment Sales Train
Before COVID-19 hit the Piedmont Triad was a hotbed of apartment acquisitions and that still seems to be true over six months into the pandemic. From an article in the Triad Business Journal about the largest 2020 apartment sales:
Apartment sales in the Triad are booming — nine multifamily communities in the region have sold for at least $32 million already in 2020.
As recently as 2016, only 10 communities were sold for at least $10 million...
Jon Bell said the Triad apartment market has not felt some of the pain felt by large urban areas such as Manhattan.
"The secondary and tertiary markets have performed well," Bell said.
Chris Parr, CEO of Greensboro-based Parr Investments, said the Triad may be perceived as providing good value to buyers.
"It's been hard for investors to find great apartment assets around the country that are reasonably priced — the Triad market may offer that," said Parr, whose company has 11 Triad multifamily communities, including The Grand at Union Cross currently under construction. "I think there is room to run with even higher multifamily valuations in the Triad. Like any other investment, things should level out at some point."