THE VUE – 140 UNITS IN GREENSBORO, NC

Price:

$13,750,000

Status:

Available

Address:

3200 Trent St, Greensboro, NC 27405, USA

Overview:

Deaton Investment Real Estate is pleased to offer the exclusive listing of The Vue Apartments in Greensboro, N.C. The owner will be reviewing offers as they are presented.

Built in 1968, The Vue features 140, two-bedroom, one-bath, town home-style apartments. Since October of 2021, current ownership has cleaned out bad debt and completed interior renovations of approximately 60 units to push rents above $800 per unit. The property is currently 80% occupied and represents an opportunity to add value through continuing the proven, value-add program and completing the lease-up.

Located just minutes north of Downtown Greensboro, the property is within two miles of numerous retail, dining, entertainment, and employment centers. Over the last year, rents have increased more than 16.1% in Greensboro. Additionally, Greensboro is located in Guilford County, which grew in population by 12.5% from 2010 to 2020. With employment and population growth expected to continue, market rents are projected to increase further. A few recent economic announcements supporting employment growth in Greensboro include the following: $1.3 billion development project for a new Toyota battery plant , Boom Supersonic Airlines choice of the Piedmont International Airport in Greensboro, NC for the site of its first plane manufacturing plant (expected to contribute $32 billion to the NC economy over the next 20 years), and the electric vehicle manufacturer, VinFast’s  decision to locate its first North American automotive assembly and battery manufacturing plant just 30 minutes from Greensboro, NC (expected to create approximately 7,500 additional jobs).

In April of 2022 there was a fire in building 3306. The arson occurred in a vacant unit and caused damage to all eight units in the building. The initial insurance estimate to repair and rebuild the units is approximately $565,000, but this will likely increase due to code requirements and additional discoveries. The intent of the seller is to finalize the claim estimate in June and assign the claim or credit the buyer the repair amount at closing. The high-level scope of work required includes removing and replacing the roof trusses. Additionally, three units will receive a full gut and renovation. The other five units will get new ceilings and flooring on the second floor. The work is estimated to be complete mid-to-late September 2022.

Unit Information

UnitTypeSizeRent
121 UNITS 2 BD/1 BA837 SF - 916 SF$825 (CURRENT ASKING RENT)
19 UNITS 2 BD/1.5 BA916 SF$850 (CURRENT ASKING RENT)
140 UNITS (TOTAL) 123,737 (TOTAL)

Property Information

PIN 7876-73-1316, 7876-63-7563 Tax Value $10,312,428
Taxes TBD PER 2022 REVALUATION Lot Size 8.8 ACRES
Year Built 1968, 1970 Exterior BRICK & SIDING
Floors CARPET, VINYL, LVP Foundation SLAB
HVAC WINDOW A/C, BASEBOARD HEAT Owner Financing NONE
Utilities INDIVIDUALLY METERED Appliances RANGE, REFRIGERATOR, MICROWAVE, W/D CONNECTION
Legal Description TIMBER HOLLOW APTS LO2 PL35-41, 3.59AC MCKNIGHT MANOR APARTMENTS TR1 PL35-41 Zoning RM-18