SBV Makes Fourth Multi-Family Acquisition in Greensboro
SBV Communities today announced its fourth multi-family apartment purchase in Greensboro, NC. Lexington Commons, a 106-unit apartment complex is located just north of downtown Greensboro and bolsters the companies’ recent activity in the market. SBV Communities executed the purchase and sale agreement on May 22. and closed the transaction on June 26.
CEO of SBV Communities, Amit Raizada, is pleased with the announcement. “The Greensboro area has a stable community feel, and we’re proud to build here and help the area’s economic growth.”
“Our recent experience in Greensboro has made us pretty bullish on the city. We believe we will be able to add and derive significant value from our purchases. Lexington Commons is no exception. We expect our activity level in Greensboro to continue and are actively seeking additional opportunities.”
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.