Rise Bridgeview

3520 Drawbridge Pky, Greensboro, NC 27410

Investment Highlights

The property, formerly known as Drawbridge Apartments, is a 240-unit community built in 1990, featuring a balanced mix of 1-, 2-, and 3-bedroom units. Acquired in 2024, this project is structured as a 506(B) syndication with non-recourse debt under a 3+1+1 loan structure. Designed for a projected hold period of 2 to 5 years, the investment strategy focuses on optimizing the property's potential and delivering value to stakeholders

Greensboro Market Growth

The North Carolina market is flourishing, with Greensboro ranking as the third-largest city in the state and boasting robust population growth (up 1.08% since 2023) and job growth (1.8% in 2023). A strong pipeline of 20,000+ new jobs, including major employers like Cone Health (13,000+ employees) and Piedmont Triad International Airport (8,600+ employees), supports the city’s ongoing expansion. Residential occupancy is expected to increase to around 91.3% through Q4 2029, driven by favorable supply-demand dynamics.

Macro-Economic Tailwinds

With the Federal Reserve’s recent interest rate cuts and ongoing indications of further reductions, property values are nearing their lowest levels, presenting an ideal opportunity for investors to acquire assets at an extremely low basis. These properties are poised not only to appreciate through improvements and enhanced management (such as provided by excellent operators) but to benefit from increased capital accessibility for future buyers due to the low interest rates, amplifying valuations and potential returns. While it is common to compare these real estate opportunities to, say, the S&P 500, it’s worth noting that although the S&P has averaged 13% over the past 10 years, a survey of 21 Wall Street asset managers suggests a projected annual return of just 3%–7% of the S&P over the next decade (according to this Investopedia article).

Furthermore, an analysis of annual permits for new multifamily housing developments reveals that they are at historic lows. This indicates that the net supply of multifamily housing in Greensboro—and indeed, across the entire U.S.—will sharply decline over the next 2-5 years.

With limited new supply and continued population growth, demand and property valuations are expected to stay robust