Q2 2012 Greensboro/Winston-Salem, North Carolina Apartment Property Sales Analysis

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Q2 2012 Greensboro/Winston-Salem, North Carolina Apartment Property Sales Analysis


Apartment investment sales meeting Reis’ criteria continue to run slow and small. The two deals that closed during the second quarter, the total year-to-date, fetched a combined total of $7.2 million at an average selling price of $32,000 per unit. The 12-month mean rolling cap rate per quarter-end was 7.3%, down from 8.7% a year earlier. In the latest quarter’s largest transaction, Piedmont Residential LLC paid Hunter Group LLC $4.02 million ($23,787 per unit) in April for the 169-unit Fox Creek property in Winston-Salem. In May, Trinity Properties LLC paid CDI Properties LLC $3.17 million ($56,607 per unit) for the 56-unit Grentton Place Apartments in Browns Summit.