GREENSBORO, NC—Capstone Apartment Partners has closed the $16.9 million sale of Brannon Park: a 299-unit garden-style apartment community in the Northeast Greensboro submarket, situated within one mile of two grocery stores, several restaurants, and retail outlets. The tree-lined property sits on nearly 24 acres, with 13 three-story apartment buildings nestled around a small lake.
Capstone sold the property off-market on behalf of the San Diego-based seller, Pacifica Companies, and procured the D.C.-based buyer, Willow Creek Partners.
Willow Creek Partners owns several other properties in the Triad area and saw Brannon Park as the perfect opportunity to continue expanding their North Carolina portfolio. They plan to implement a value-add strategy by executing renovations to Brannon Park’s clubhouse, amenities, and apartment interiors.
“We plan on leveraging the economies of our current Triad portfolio coupled with improving the amenities and interiors of Brannon Park to offer a premier community,” said Brady.
The Capstone Apartment Partners transaction team was led by Austin Green and Alex McDermott.
“We have seen heightened investor interest in the Triad as the markets fundamentals have continued to improve over the last five years,” according to McDermott.
Built in 1984, Brannon Park features studio, one, and two-bedroom apartments and was occupied at approximately 91% at the time of closing. Residents at the community enjoy an abundance of amenities, including an indoor swimming pool, grilling areas, fitness center, tennis and basketball courts, playground, business center, and picturesque views of the property’s lake.