FOR IMMEDIATE RELEASE
Date: 6/30/21
Contact: Jariel Bortnick, jariel@quadpropertygroup.com, (646) 362-3284
Quad Property Group Expands Carolinas Presence with Purchase of 192-unit Apartment Complex.
Ambassador Court is located in High Point, NC
New York, NY – An affiliate of Quad Property Group, a New York based real estate investment firm, has acquired Ambassador Court, a 192-unit apartment community in High Point, North Carolina, for $17.55 million. The transaction closed on June 30th and represents the company’s fourth acquisition in the Carolinas. The seller was Charlotte-based Greystone Capital LLC.
Ambassador Court, located at 2501 Ambassador Court in High Point, is comprised of a mix of 1, 2 and 3 bedroom apartments. The complex also features numerous resident amenities, including a clubhouse, swimming pool, playground and soccer court. Built in 1984, it was 99% leased at the time of the sale.
Jariel Bortnick, a principal at Quad Property Group, stated that the acquisition of Ambassador Court was a compelling opportunity to enter the dynamic Piedmont Triad area and acquire a well-located, well-maintained property with tremendous upside.
“Being located in High Point and just minutes from both Greensboro and Winston-Salem is highly appealing,” Bortnick said. “With our value-add plan to make improvements to the community and renovate apartment interiors, the property should appeal to a broad base of prospective tenants.”
Specifically, Bortnick mentioned that they plan to enhance and expand the amenity spaces and common areas at Ambassador Court, to include the addition of a fitness center and pet park.
According to Michael Kashan, also a principal at Quad Property Group, the company is aiming to acquire additional apartment communities in the Piedmont Triad.
“We are drawn to the significant growth in the region,” Kashan said. “We want to be a part of the story and hope to continue expanding our portfolio in the Triad.”
Quad Property Group is a real estate investment firm that specializes in the ownership, redevelopment and management of multifamily property. The company’s extensive experience and hands-on, proactive approach to real estate challenges makes the company uniquely suited to add significant value. For more information, visit the company’s website at www.quadpropertygroup.com.
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