SBV Communities Announces Third Multi-Family Acquisition in Greensboro
SBV Communities today announced its third multi-family apartment purchase in Greensboro, NC. Wendover West, a 177-unit apartment complex is located just across the street from Misty Creek Apartments and Aspen Woods, SBV Communities’ previous purchases in market announced on June 27 and 28th. SBV Communities executed the purchase and sale agreement and closed the transaction within 33 days and added a 16th market to its growing portfolio.
“Well, three is better than two – especially when you can operationalize for maximum efficiency in such a tight geographic area. This deal just made sense. We are essentially adding 177 units to an existing infrastructure. Operating all three Greensboro acquisitions as one will amplify our value-add opportunities and magnify our cost savings.”
– Chris Thomson, Director of Multi-Family Acquisitions
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.