CHAPEL HILL, N.C., Feb. 23, 2022 /PRNewswire-PRWeb/ -- Prudent Growth Partners, LLC, a Chapel Hill, NC based private equity real estate firm, has sold its Edgewood Apartments property to an out of state buyer for $9,925,000.
The property, which is comprised of 81 apartment rental units, was acquired in late 2020 for $7,000,000. Located just 15 minutes north of Durham and about 30 minutes north of Raleigh, Butner has a limited inventory of apartments and has seen rapid rent growth over the last year.
"This disposition generated another great return for our investors," said Tom Hahn, President of Prudent Growth Partners, LLC. "We succeeded in driving occupancy and net operating income higher during our short hold period."
"Immediately after completing the purchase, we moved quickly to repair and update the parking lot, pressure wash and paint the exteriors, and in general caught up on many deferred maintenance items," said Jerry Hahn, President of Prudent Growth Operations, LLC. "The new owner is going to continue to improve the property", added Hahn.
Prudent Growth Partners, LLC is a private equity real estate investment company based in Chapel Hill, NC. The firm focuses 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.
Prudent Growth Operations, LLC is a full service commercial property management company with a hands-on approach to serving our properties. Our team of professionals has one goal in mind: to create success and value in everything we do for our residents, tenants and investors.
Media Contact
Jason Autry, Prudent Growth Partners, LLC, (803) 626-3331, [email protected]
SOURCE Prudent Growth Partners, LLC
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