Jul 22

Pinecroft Apartments

AACRE Properties rehabilitated a worn out 225 unit housing community with 50% of its units vacant and/or out of service. The property, formerly known as Ashley Creek, was funded through Vantage South Bank, the City of Greensboro, and equity investors. Jim Anthony negotiated the loan purchase and simultaneous closing with High Point Bank with a deed in lieu of foreclosure. The project was an easy execution with the use of friends and family equity raise and bank debt. Pinecroft looks better than when built in 1974, with architectural and energy efficiency enhancements. Renovations are complete, with new rents 20% above pro-forma. Jim Anthony is the managing member of the LLC.