Crowne Gardens

A PERFECT VALUE-ADD ASSET IN AN AFFLUENT SUBMARKET OF GREENSBORO

Colliers is pleased to present Crowne Gardens, a 344-unit garden style community with immediate value-add upside located near large employers in an affluent submarket of Greensboro, NC. Originally developed by Crowne Partners in 1998 to condo-quality standards including 9’ ceilings, the property has a proven track record of strong demand and stable occupancy, averaging over 95% over the last 12 months. In excellent physical condition, new ownership can leverage strong demand (69% renewal rate in the last 10 months) and outstanding market rent growth (41% Class B effective rent growth in Greensboro in the last 5 years) while capturing proven value-add premiums.

120 units (35%) are in unrenovated condition featuring original cabinets, laminate countertops, and white or black appliances. 159 units have various moderate upgrades including cherry, mocha, or white cabinets, hardwood-style floors, and black appliances. Current ownership recently renovated 65 units with premium finishes such as modern gray cabinets, higher-end countertops, and stainless steel appliances to generate incredible $305/unit renovation premiums. Cured of deferred maintenance and offering a comprehensive amenity package, new ownership can concentrate investment capital into revenue-generating improvements. Positioned in an affluent pocket of Greensboro, Crowne Gardens represents a perfect value-add opportunity.

94% Occupied