Prudent Growth Acquires Willoughby Park and Azalea Gardens in Greenville, NC

Prudent Growth Partners, LLC, a Chapel Hill, NC based private equity real estate firm, has completed its $8,125,000 purchase of two multifamily communities, Willoughby Park and Azalea Gardens (96-units in total) located at 1400 Iris Circle and 3400 Evans Street in Greenville, NC.

Azalea Gardens was built in 1979 and is a 48-unit villa-style community, consisting of all one-bedroom apartments. It is surrounded by other residential homes and duplexes. Willoughby Park was built in 1985 and is a 48-unit apartment community evenly split between one, two, and three-bedroom units and is encircled by other apartments and condominiums.

Greenville’s apartment market has been experiencing strong year-on-year rental increases and is currently under-supplied. Apartment communities such as Azalea and Willoughby are in particularly high demand given their affordable price points (even after adjusting rents up to market rates).

"We really like the purchase of Willoughby Park and Azalea Gardens. Greenville is one of the fastest-growing metropolitan areas in NC and is a health, entertainment, and educational hub," said Tom Hahn, President of Prudent Growth Partners. "We believe this is a good acquisition for our investors and a great addition to our multifamily portfolio."

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.