SALE: Vineyard Brook Apartments
September 10, 2014
Linville | Team Partners is pleased to announce the sale of Vineyard Brook Apartments, a 40-unit townhouse style multi-family property. The seller purchased this complex with the intent of flipping it in three years and was able to do so successfully in just 18 months. The complex was purchased with very high vacancy and below-market rents. The seller did a considerable amount of capital improvements and increased occupancy to nearly 100% while stabilizing the net operating income in less than six months. The transaction was successfully closed in just 77 days. Aubrey Linville and Nick Gonzalez represented the seller in this transaction.
This was the second multi-family sale for Linville | Team Partners in the last two weeks. Plantation Place Apartments, a 64-unit apartment complex in Winston-Salem, was recently sold to an out-of-state purchaser and closed on August 22nd. Nick Gonzalez and Aubrey Linville also represented the seller in this transaction.
We are currently working with several buyers who are actively looking for additional product. For more information about listing or purchasing multi-family properties, please contact Nick Gonzalez or Aubrey Linville.