GREENSBORO | NC - JLL · Take Joseph M Bryan Blvd. East from Ted Johnson Pkwy. Merge onto Joseph M....
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A MULTIFAMILY INVESTMENT OPPORTUNITY PRESENTED BY GREENSBORO | NC
Transcript of GREENSBORO | NC - JLL · Take Joseph M Bryan Blvd. East from Ted Johnson Pkwy. Merge onto Joseph M....
A MULTIFAMILY INVESTMENT OPPORTUNITY PRESENTED BY
GREENSBORO | NC
PROPERTY SUMMARYAddress 2205 New Garden Road Greensboro, NC 27410
Year Built 1984/1986 Avg. Effective Rents $676No. of Apartment Homes 616 Avg. Effective Rent/SF $0.83
Net Rentable Area (SF) 502,958 No. of Floors 2/3Avg. SF per Unit 816 Land Area (acres) 46.75
Occupancy 96% Density 13.18
UNIT MIX AND EFFECTIVE RENT SUMMARYUnit Type No. of Units Unit SF Effective Rent Effective Rent/SF
1BR - 1BA 71 584 $562 $0.961BR - 1BA - R 17 584 $548 $0.941BR - 1BA 84 712 $592 $0.831BR - 1BA - R 60 712 $649 $0.911BR - 1BA 28 752 $640 $0.851BR - 1BA - R 20 752 $757 $1.011BR - 1BA 68 798 $629 $0.791BR - 1BA - R 44 798 $702 $0.882BR - 1BA 41 921 $745 $0.812BR - 1BA - R 14 921 $755 $0.822BR - 1BA 14 935 $723 $0.772BR - 1BA - R 3 935 $758 $0.812BR - 2BA 87 1,033 $751 $0.732BR - 2BA - R 65 1,033 $815 $0.79Totals / Averages 616 816 $676 $0.83*Recent Leases **R Denotes Renovated (2007) Units
JLL is pleased to present LINCOLN GREEN (the “Property”), a 616-unit multifamily com-munity, built in two phases in 1984 and 1986 and located in the heart of prestigious Brass-field. Situated next to the historic Revolution-ary War landmark of Guilford Courthouse National Military Park and Country Park, Lincoln Green is conveniently and centrally located just off of Battleground Avenue, be-tween the robust Brassfield retail corridor, the Greensboro Logistics Corridor, Downtown Greensboro, and Lake Brandt. The Property is uniquely nestled within the Brassfield com-munity, which features high-end single-fami-ly neighborhoods with homes ranging from $500,000 to over $2 million in value. Overall, Lincoln Green is immersed in the wealth cor-ridor of Greensboro, less than four miles from the Greensboro Country Club stately homes as well as the Shoppes at Friendly Center fea-turing high-end shops such as Apple Store, Williams-Sonoma, Whole Foods, J. Crew and REI. The Property has the critical advan-tage of being centrally located to Downtown Greensboro, the Greensboro Logistic Corri-
dor, and the Greensboro Airport, the area’s three largest economic “fuel-cells” that made Greensboro No. 1 in the nation for new and expanded corporate facilities during 2014 for regions of its size.
Coupled with consistent organic rent growth, Lincoln Green is ideally positioned to imple-ment an interior modernization program. This strategy will allow a new owner to fulfill emerg-
ing demand from renters who desire luxury finishes with a superior, active lifestyle loca-tion. With its unique location on the combined Guilford Courthouse Park and Country Park, Lincoln Green represents one of Greens-boro’s most attractive opportunities to acquire a value-add enabled asset with sustainable, long-term fundamentals that will unlock re-turns for years to come.
LINCOLN GREEN
A MULTIFAMILY INVESTMENT OPPORTUNITY2
Joseph E Bryan Blvd
Battleground Ave
GREENSBORO COLISEUM COMPLEX
AMERICAN HEBREW ACADEMY
SHOPPES AT WENDOVER VILLAGE
GUILFORD COLLEGE
WENDOVER PLACE
PROCTOR & GAMBLE
RALPH LAUREN SERVICE CENTERBANK OF AMERICA TRIAD CENTER
XPO LOGISTICS
VOLVO FINANCIAL SERVICES
THE VOLVO GROUP
MACK TRUCKS WORLD HQ
FRITO LAY INC.
TIMCO
HONDA AIRCRAFT COMPANY
NEW GARDEN CROSSING
PTIA
FEDEX MID-ATLANTIC HUB
TIME WARNER CABLE
KERNODLE MIDDLE SCHOOL
BRASSFIELD SHOPPING CENTER- FedEx Office
- Cinemark Cinemas
BATTLEGROUND PLAZA
GREENSBORO COUNTRY PARK
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GUILFORD COURTHOUSE NATIONAL MILITARY PARK
PEPSI BOTTLING COMPANY
COLUMBIA HI TECH
STONEBROOK OFFICE CENTER- MetLife Insurance - Aflac - Graycliff Enterprises
LF USA
USPS BULK MAIL CENTER
STARMOUNT FOREST COUNTRY CLUB
DOWNTOWN
840
BRASSFIELD HOME VALUES:
$500,000 TO $2,000,000
I-840 EXTENSION
(under Constru
ction)
LINCOLN GREEN
A MULTIFAMILY INVESTMENT OPPORTUNITY3
FRONT DOOR ACCESS TO GUILFORD & COUNTRY PARKS, UNMATCHED OFFSITE AMENITYLincoln Green is privileged to possess one of the Triad’s strongest attractions and a truly unique amenity that will differentiate it in the minds of modern renters. The park draws visitors, from across the region, and Lincoln Green’s resi-dents have unrivaled access to this historic park that was the site of one of the most important events in American History. The combination of Guilford Court House National Park and Coun-try Park forms one of the largest urban parks in North Carolina. Covering 450 acres and just steps away from the Property, Country Park provides family oriented features such as scenic walking trails and bike trails, paddle boat rent-als, stocked fishing lakes, rushing streams, and picnic areas. Nowhere else in Greensboro can
boast such proximity to a park this large. The park is a unique amenity that, when coupled with the Property’s unique location between Downtown Greensboro, Lake Brandt, and the Airport, will enable new ownership to rebrand the property and attract active, discerning renters and younger families to the area.
Park Features Include:Bark Park, off-leash dog park located within
Country Park
Educational programs
Two fishing lakes
Guilford County Veterans’ Memorial
Nature, hiking, and biking trails
Playgrounds
BMX Course
Eight picnic shelters
Seasonal paddle boat rentals
LINCOLN GREEN
A MULTIFAMILY INVESTMENT OPPORTUNITY4
THE TRADITION OF BRASSFIELD IS CHARACTERIZED BY WEALTH, CULTURE AND HERITAGEBordered by Battleground Avenue, Country Park, and the stately homes surrounding the property, Lincoln Green is uniquely positioned in one of the most historic, vibrant, and well-heeled corners in the Southeast. While Brass-field is known for stunning estates and Greens-boro’s leading demographic cohort, the subset area immediately surrounding Lincoln Green is even more elite. With an average household income of $81,000+ and nearby estates well over $1 million, Lincoln Green sits in a vibrant corridor of Southern affluence.
1 MILE
2 MILES
3 MILES
Average Household Income $78,284 $81,803 $87,056
Average Home Value $293,879 $278,601 $287,824
% of Pop. With College Degrees 57% 57% 60%
AVERAGE HOUSE HOLD INCOME IS 42% HIGHER THAN THE GREENSBORO AVERAGE
BRASSFIELD
GREENSBORO
LINCOLN GREEN
A MULTIFAMILY INVESTMENT OPPORTUNITY5
RENT DISPARITY WITH COMPETITIVE SET OFFERS RENT GROWTH OPPORTUNITYLincoln Green benefits from an outstanding location with superior connectivity that rivals top peers in the submarket. However, the im-pact of having competitors with more updat-ed interior finishes and beginning renovation programs has created a significant rental gap between Lincoln Green and its peers. The ad-jacent like-type comparisons, of the Property’s unrenovated floorplans to those of its compet-itors, reveal large discrepancies in effective rent levels. On average, the spread is $104 for a one bedroom and $54 for a two bedroom. A new owner has the opportunity to implement a renovation program that will allow Lincoln Green to meet or exceed the rents of its com-petitors.
$450
$500
$550
$600
$650
$700
$750
$800
LincolnGreen
Landmark Battleground
ParkForest
HuntsView
BrassfieldPark
$680
$700
$720
$740
$760
$780
$800
$820
$840
$860
$880
LincolnGreen
ParkForest
HuntsView
Landmark Battleground
BrassfieldPark
+$104 Average Rent Spread
+$54 Average Rent Spread
1 Bedroom Like-Type Rent Comparison
$450
$500
$550
$600
$650
$700
$750
$800
LincolnGreen
Landmark Battleground
ParkForest
HuntsView
BrassfieldPark
$680
$700
$720
$740
$760
$780
$800
$820
$840
$860
$880
LincolnGreen
ParkForest
HuntsView
Landmark Battleground
BrassfieldPark
+$104 Average Rent Spread
+$54 Average Rent Spread
2 Bedroom Like-Type Rent Comparison
CURRENT
PROPOSED
LINCOLN GREEN
A MULTIFAMILY INVESTMENT OPPORTUNITY6
LINCOLN GREEN
A MULTIFAMILY INVESTMENT OPPORTUNITY7
LINCOLN GREEN2205 New Garden Road | Greensboro NC 27410
DIRECTIONS Take Joseph M Bryan Blvd. East from Ted Johnson Pkwy. Merge onto Joseph M. Bryan Blvd. and take the New Garden Rd exit to-ward Guilford College. Turn left onto New Garden Rd. and in 1.9 miles Lincoln Green is on the left.
FOR INFORMATION PLEASE CONACTAndrea HowardSenior Vice President 704.804.5755 [email protected]
David GuttingManaging Director [email protected]
Derrick BloomManaging Director [email protected]
Christie HawverVice President 404.995.6367 [email protected]
LakeTownsend
LakeBrandt
LakeHiggins
LakeJeanette
BuffaloLake
Haw River
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GREENSBORO
EXCLUSIVELY PRESENTED BY
JONES LANG LASALLE AMERICAS, INC.
3344 Peachtree Road NE | Suite 1100 Atlanta | Georgia 30326
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Disclaimer Neither the Owner nor Jones Lang LaSalle nor any of their respective officers, agents or princi-pals has made or will make any representations or warranties, expressed or implied as to the ac-curacy or completeness of the Flyer or any of the contents, and no legal commitment or obligation shall arise by reason of this Flyer or the Contents. By accepting or accessing information applicable to the Property, the user agrees that the owner of the Property, including its affiliates, agents (collec-
tively, the “Owner”) or Jones Lang LaSalle accept no responsibility for errors or omissions in any such Property related information, whether now or hereafter obtained (collectively, the “Property In-formation”). The Property Information is subject to errors, omissions, changes and other conditions, withdrawal without notice, and to any special list-ing conditions now or hereafter imposed, and is not to be relied upon without Owner’s prior written permission. Owner accepts no, and expressly dis-claims any, duty to update or revise the Property Information even if it becomes aware of an inaccu-racy and/or omission.
