VanRock Real Estate Acquires Cottage Gardens Multifamily In Greensboro For $13.5M
307 Avalon Road
$13,500,000
Building Size
—
Asset Type
MultiFamily
Closing
Sep 27, 2023
AI
VanRock Real Estate, represented by Bryan De Bruin, has acquired Cottage Gardens, a 176-unit multifamily property located at 307 Avalon Road in Greensboro, North Carolina. The off-market deal, valued at $13.5 million, marks a significant acquisition for VanRock Real Estate in the Greensboro market.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $13,500,000
- Address: 307 Avalon Road, Greensboro, NC
- Market: Greensboro, NC
- Buyer: Bryan De Bruin - VanRock Real Estate
- Seller: Not specified
- Brokers: Dane Lozier, Eric Liebich, Josh Greenwald, Matt Weinstein, Ron Corrao, and Scott Fuller - Capstone Companies
- Units: 176
- Price Per Unit (PPU): $76,705
This transaction represents a strategic move by VanRock Real Estate to expand its multifamily portfolio in Greensboro. With the acquisition of Cottage Gardens, VanRock Real Estate strengthens its presence in the market and takes advantage of the opportunities presented by the thriving multifamily sector in the city.
Players
Greensboro MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.18%
Cash-on-Cash
-0.34%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93