Signature Property Group Sells Signature NorthPoint to Make Way for Future Projects
Wed. July 29, 2015
High Point - The Carroll Cos. has made another deal with Signature Property Group, less than 90 days after the acquisition of downtown Greensboro's popular CityView community.
Developer Roy Carroll announced today that his company has purchased NorthPoint Apartments, located at 4375 Regency Drive in north High Point, for nearly $26.5 million, or $91,965 per unit.
The 288-unit upscale community was completed this summer and sits on 16.74 acres near I-40 and the Piedmont Triad International Airport along N.C. 68. Guilford County tax records indicate that it has a total assessed value of nearly $16.9 million.
Like CityView, NorthPoint was built and owned by Signature Property Group, which owns several local communities, including the Gardens at Anthony House and Campus Crossing.
NorthPoint marks the second sale between Carroll Cos. and Signature Property Group in 90 days.
"Our company's purchase of CityView went so smooth, that after the closing I asked Frank and Seth, 'Do you guys have anything else you might entertain selling?'" Carroll said.
The $42 million CityView sale, a first for Signature in its 25 years of business, was expected to lift constraints on cash, allowing the group to develop four more properties in the year ahead, owner Frank Auman told me earlier this year. Signature is working to expand outside the Triad and has plans to begin several construction projects between Raleigh and Burlington within the next year.
For Carroll Cos., the purchase is another step toward its goal of acquiring $100 million in multifamily communities this year.
"We will always be developers and builders of multifamily communities, but with our infrastructure, it really makes sense for us to look at strategic acquisitions as opportunities present themselves," Carroll said. "... With the acquisition of NorthPoint, we are about two-thirds of the way towards reaching our goal."
Carroll expects to double that goal to $200 million next year.