Spectrum Business Ventures Inc., an investment firm based in Kansas City, Mo., has purchased three Class C apartment communities in Greensboro for $10.5 million and is planning $4 million in renovations.
SBV purchased Misty Creek Apartments, Wendover Apartments and Aspen Woods Apartments at 4203, 4337 and 4216 Hewitt St., respectively, through business entity SBV-Greensboro I LLC on May 30 for $10.5 million, according to public records. Together, the complexes total 503 units.
SBV has contracted with Lavish Holding Corp., a Davie, Fla.-based developer that specializes in renovation and restoration of multifamily buildings. Lavish and SBV have worked together on numerous renovation projects in Michigan, Tennessee and Texas, among other markets, said Jacqueline Mendez, spokesperson for Lavish Holding Corp.
This is the first entrance into the North Carolina market for both SBV and Lavish.
“We’re seeing more and more of the economy stabilizing in the Carolinas,” said Ana Lewis, senior vice president with SBV. “We see a lot of potential economically.”
Renovation work started last week on the 177-unit Wendover Apartment complex, which will be followed by work on Misty Creek’s 168 units and Aspen Woods’ 158 units. Adivo Construction, a sister company of Lavish, will be the general contractor for the project, which should wrap up in six to eight months.
Aspen Woods is 82 percent occupied, while Wendover and Misty Creek are each 73 percent occupied.
SBV is also in the process of acquiring Lexington Commons Apartments at 2316 Golden Gate Drive and the LeMans at Lawndale apartments at 2005 West Cone Blvd. Together, those complexes have 215 units.
SBV is expecting to close on those acquisitions June 26, after which a 9-month renovation of the LeMans at Lawndale units will begin.
Catherine Carlock, Reporter-The Business Journal
Catherine Carlock covers commercial and residential real estate, construction, economic development and retailing and restaurants. Contact her at 336-370-2918.
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