CARLISLE
SELLS LUXURY APARTMENT COMMUNITY FOR NEARLY $34 MILLION
Denver Firm Purchases Marquee Greensboro Multifamily
Complex, Encore North Apartments
GREENSBORO, N.C. (MAY 21, 2019) --- Carlisle Residential Properties
(Carlisle), a growing multifamily developer and management company, today
announced that, on behalf of its investors, it has sold Encore North Apartments
to Denver-based Grimley Residential. The
net sale price was $33,862,600. The
transaction closed on May 7, 2019. Occupancy
rate at closing was 95%. The community
will retain its name and will be managed by Carter-Haston on behalf of the new
owner.
Encore North Apartments, a luxury
apartment community with 237 one and two-bedroom apartment homes, was built by Greensboro-based
Lomax Construction in 2016. Its
resort-like amenities include a saltwater pool with a thermal ledge, a
beautifully appointed resident lounge, and a community game room. The upscale apartment homes feature 9’
ceilings, granite kitchen counter tops and stainless-steel appliances, in-home
washers and driers, and crown moldings.
Its location is ideal, situated in a beautiful suburban-like setting,
but only minutes from the downtown.
Commenting on the transaction,
Matthew M. Rankin, Carlisle’s President and CEO, said: “The sale of this Class A
property, which we held for 3½ years, represents a very good return on our
original investment. Grimley, interested
in expanding its presence in the Southeast, was looking for outstanding
properties with excellent reputations and positioning in the market. Encore North Apartments certainly fulfilled
that criteria. For Carlisle, the sale
represented an opportunity to lock in a favorable return for our
investors. We will continue to seek out development
and acquisition opportunities, and evaluate dispositions, in the best interests
of our investor base. This was a
‘win-win’ for both parties, and we would very much welcome the prospect of
working with Grimley in the future.”
The broker for the transaction
was Cushman & Wakefield.
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About Carlisle
Carlisle Residential
Properties is engaged in the ownership, development, acquisition and management
of multifamily residential apartment communities in North and South
Carolina. Established in 1984 as Brantley
Properties, Inc. by Joseph M. Brantley III, Carlisle employs more than 130 team
members throughout the Carolinas and is headquartered in Greensboro, N.C. Their website is www.carlisleresidentialprop.com.
Contact
Kevin Thompson, Chief Marketing Officer
Carlisle Residential Properties
336.553.3395 (o)
703.362.7930 (c)