SBV Communities Announces Second Multi-Family Acquisition in Greensboro
SBV Communities today announced its second multi-family apartment purchase in Greensboro, NC. Aspen Woods, a 158-unit apartment complex is located just across the street from Misty Creek Apartments, SBV Communities’ first purchase in market announced on June 27. SBV Communities executed the purchase and sale agreement and closed the transaction within 33 days and added a 16th market to its growing portfolio.
“Aspen Woods and its proximity to Misty Creek represents an opportunity to create synergies which will result in expense reduction and operational efficiencies. We are tremendously excited about the value-add possibilities by expanding our geographic footprint in such a tight area.”
– Amit Raizada, Chief Executive Officer
Greensboro, part of the Piedmont Triad (which also includes Winston-Salem and High Point) is the third largest city in the state. Historically known for its ties to tobacco, the city is home to the headquarters of Lorillard Tobacco Company. The city continues to diversify its economic base, in part due to its central location, which makes it an ideal logistical hub for companies with major operations such as FedEx, Mack Trucks, and RF Micro Devices. Additionally, Greensboro boasts several colleges and universities, including NCA&T and UNC Greensboro.
About SBV Communities
SBV Communities was formed in 2009 to acquire and manage multi-family real estate properties. The company builds long-term value by focusing on lender-owned, B & C properties with strong value-add potential. SBV Communities’ portfolio includes assets in fourteen markets.
About Spectrum Business Ventures, Inc.
Founded in 2002, Spectrum Business Ventures, Inc. is a private firm based in Kansas City, Missouri providing family offices, high net worth and institutions unique, complex and compelling business opportunities to build long-term value at low risk. The company owns and operates entities in the United States, Central America and Europe in a wide range of industries.
For more information about SBV Communities or Spectrum Business Ventures, Inc. please visit www.sbv.com or call 816.268.1300.