PROPERTY TOUR DATES: Tuesday 6/6 to Thursday 6/8 CALL FOR OFFERS DATE: Wednesday 6/15
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IMMEDIATE VALUE-ADD UPSIDE | ABILITY TO GENERATE $135+/UNIT RENT PREMIUMS ON DAY ONE
Colliers is pleased to present Cardinal Apartments (“Cardinal”), a 256-unit garden-style community with proven value-add upside located in an affluent submarket of fast-growing Greensboro, NC. Built in 1993, 159 units (62%) are in classic condition featuring oak cabinets, laminate countertops, hardwood-style floors, and black or white appliances. 97 units (38%) have recently been upgraded with modern espresso cabinets and stainless steel appliances to generate average monthly rent premiums of $135/unit. New ownership is afforded investment flexibility to either continue the successful renovation program or elevate all 256 units to an even higher price point with premium finishes such as subway tile backsplash, a tech package, upscale lighting, and granite countertops.
In good physical condition and achieving 9% organic rent growth on renewals over the last 4 months, new ownership can focus investment capital into revenue-generating unit interior improvements. Minutes from I-73, the Piedmont Triad International Airport (8,600 jobs), a large Amazon distribution center (1,000+ jobs) and close to the future $2.5 billion Toyota EV battery plant, Cardinal provides an ideal commuter location positioned near key transportation arteries and the largest employers in Greensboro.