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307 Avalon Road

VanRock Real Estate Acquires Cottage Gardens Multifamily In Greensboro For $13.5M
SOLDMultiFamily

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

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

Ron Corrao

NorthMarq

Broker

$274.9M

vol

13 deals

Broker

Greensboro MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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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