Cornerstone Investments Disposes Greensboro Multifamily for $17M
Rosewood Realty Group has closed the $16.5-million sale of a 127-unit two-story multifamily development of 16 buildings in Greensboro, NC.
Daniel Shabtai and Mike Kerwin with Rosewood Realty Group represented the seller, Cornerstone Investments. Reid Yankowski from Newmontis, represented the buyer, MAAC Investments.
According to Shabtai, Chapel Walk Apartments sold for $130,000 price per unit at a cap rate of 4.53% with large upside potential. “It is located in a booming area of Greensboro,” added Shabtai. “The deal was executed and closed swiftly in two months.”
The 100,000-square-foot property on Lees Chapel Road was built in 2002 and includes laundry facilities, a business center and club house.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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