Charlottesville multifamily community is for sale

Published June 27, 2018 by Robert Powell, III

Transwestern’s Atlanta Investment Services Group has been retained to market and sell two multifamily communities totaling 1,211 units.

One of the properties is Granite Park in Charlottesville. It is a garden-style community with 425 units, which are currently 94 percent occupied.

The property offers one-, two-, and three-bedroom units in a variety of floor plans.

Transwestern said that average rent per unit at Granite Park is about 30 percent below comparable communities and 40 percent below the complex with the highest rent.

The second community being sold is the Gregory North and South in Cary, N.C.  It also is a garden-style apartment community of 786 units with 94 percent occupancy.

Transwestern Managing Directors Jon Kleinberg and Mike McGaughy will lead the sale of the assets in collaboration with Executive Vice Presidents Dean Sigmon and Robin Williams and Vice President Justin Shay of the firm’s Mid-Atlantic Multifamily Group.

Houston-based Transwestern. a privately held real estate firm, has 35 U.S. offices and assists clients through more than 211 offices in 36 countries as part of a strategic alliance with BNP Paribas Real Estate.