Cardinal Apartments

PROVEN VALUE-ADD UPSIDE IN FAST-GROWING GREENSBORO, NC | LOCATED MINUTES FROM THE NEW JETZERO FACILITY

Colliers is pleased to present Cardinal Apartments (“Cardinal”), a 256-unit garden-style community with proven value-add upside located in an affluent submarket of fast-growing Greensboro, NC. Built in 1993, the property has a proven track record of strong demand and stable occupancy, averaging 95% over the last 6 months. In excellent physical condition and recently infused with nearly $3 million into CapEx upgrades, new ownership can leverage outstanding organic rent growth over the last 6.5 months (7.3% on new leases and 5.4% on renewals), minimal new supply, and immediate proximity to the new JetZero Z4 factory (14,560 jobs) to push-top revenue while capturing proven value-add premiums.

88 units (34%) are in classic, unrenovated condition featuring oak cabinets, laminate countertops, hardwood-style floors, and black or white appliances. 81 partially renovated units (32%) have moderate upgrades such as painted cabinets and stainless steel appliances. 87 premium units (34%) have been renovated with first-class finishes including quartz countertops, subway tile backsplash, stainless steel appliances, and modern cabinets to achieve average rents $126/unit greater than classic units. Renovating all 88 classic units and 81 partially renovated units to the highest scope unlocks over $250,000 in untapped annual revenue.

The new $4.7 billion JetZero Z4 factory, the largest economic event in Greensboro history and expected to bring 14,560 new jobs with an average salary of $90,000, is a game changer for Cardinal. The influx of high paying jobs, strong market fundamentals in Greensboro, and a clear path to add value through unit interior renovations makes Cardinal the perfect value-add opportunity.

95% Occupancy