The Cardinal Apartments complex in Greensboro has been purchased for $33 million by a New York City investor.
The purchase, posted Friday through a Guilford County Register of Deeds filing, represents one of the largest apartment complex sales in the Triad so far in 2023.
The buyer is Cardinal NC Property, an affiliate of Gindi Equities.
The sellers are 16 affiliates of Core Realty Holdings Management Inc. of Newport Beach, Calif.
Cardinal Apartments, which opened in 1993, contains 256 one-and two-bedroom units at 6400 Old Oak Ridge Road in northwest Greensboro.
Gindi Equities said it invests in what it calls “top-performing multifamily platforms, growing generational wealth for our investors and improving the quality of life for our residents.”
The largest Triad apartment complex transaction occurred in May when Plant 64 in downtown Winston-Salem was sold to an Atlanta company for $83.5 million — the most ever paid for an apartment complex in Forsyth County history.
TBR Plant 64 Owner LLC, an affiliate of TriBridge Residential LLC, was the buyer of the 243-unit property at 545 Power Plant Circle.
In September, the Enclave at North Point apartment complex in Winston-Salem was purchased for the second time in three years, this time for $43.8 million to a New Jersey residential real-estate company.
The 28.15-acre complex at 4260 Brownsboro Road contains 370 units. The buyers are five affiliates of Eminent Capital of Lakewood, N.J.
Also in September, the owner of Revel Apartments, a 360-unit community planned for near Piedmont Triad International Airport, said it had secured $62 million in construction funding from Walker & Dunlop.
Collett Capital is a Charlotte-based real estate investor and operator. Revel will be Collett’s first apartment complex in the Triad. It is being built at the intersection of Leabourne Road and N.C. 68.
