We will continue to buy properties that are well-managed, well-positioned, and that provide affordable housing for people in the area.
Durham, NC (PRWEB) July 25, 2016
Prudent Growth Partners, LLC, a real estate investment company based in Chapel Hill, NC, has completed its third acquisition this year with the purchase of the Westchester Square townhouse complex on Hermitage Drive in Danville, Va.
The property, a 76-unit complex, is located in a suburban section of Danville, VA. The purchase price was $2,500,000. The seller was Westside I, Ltd., a Greensboro, NC partnership.
“We are excited about this acquisition, and really appreciate the character of the complex. The seller has done a great job of maintaining the complex over the years” says Tom Hahn, President of Prudent Growth Partners. “We will be doing some improvements to the parking lot, landscaping and common areas. Our goal is to ensure this will be an attractive place for residents to live over the long term.”
Asked why he chose the property, Hahn says “Danville is starting to grow again – there is a lot of energy around the Riverfront District, with many new restaurants, shops and amenities being added. That being said, many people will be ‘priced out’ of the newer buildings and we hope to present them with an affordable and attractive place to live.”
Prudent Growth Partners is focused on acquiring more properties in the Triad area of North Carolina and Southern Virginia. “We will continue to buy properties that are well-managed, well-positioned, and that provide affordable housing for people in the area” says Hahn.
The transaction was brokered by Rick Baker of Brown Investment Properties in Greensboro, NC. The new manager will be Wilkins and Company in Danville, VA.
About Prudent Growth Partners, LLC
Prudent Growth Partners, LLC is a private real estate investment company based in Chapel Hill, North Carolina. PGP’s focus is on properties that tend to be overlooked by larger institutions and which provide exceptional returns on invested capital along with the possibility of longer term capital gains achieved by expert management and future price appreciation. http://www.prudentgrowth.com