Reserve at Bradbury Place bought
By Ty Johnson
Published in News on July 3, 2011 1:50 AM
Tenants at the Reserve at Bradbury Place may not have noticed any changes at their housing development on New Hope Road, but that's exactly how Matthew Rankin would like it.
Rankin, the executive vice president and chief executive officer of Brantley Properties in Greensboro, said he hoped his company's acquisition of the housing complex, in partnership with Bo Bennett in Raleigh, would be seamless for residents.
"We want the transition to go as smoothly as possible," he said. "We're making sure the tenants at the reserve see as little change as possible."
The $25 million purchase, which the businesses closed on in mid-June, brought 288 units into Brantley Properties' fold, which includes more than 4,500 apartment units in North and South Carolina.
Rankin explained that his company identifies apartment communities it thinks are attractive and well-located and form single purpose LLCs to raise the equity before Brantley Properties takes over the complex's management.
What brought his company to consider the Reserve, he said, was its location.
"Goldsboro has a lot going on and it's in a very good location by the hospital and the college, plus Seymour Johnson. We felt it was a very attractive opportunity to buy a very attractive asset in Goldsboro," he said.
Rankin, a veteran himself, said eastern North Carolina's military community presents a lucrative investment opportunity for property management companies like his.
"We felt good about the things going on with Seymour Johnson and the surrounding area," he said, adding that he wished that complexes like the Reserve had been around when he was active duty.
"I don't remember having the opportunity to live in places as nice as the Reserve at Bradbury," he said, recalling his living conditions in barracks on base.
There aren't major plans to renovate the Reserve, he said, which he credited to Blue Ridge, the developer.
"Blue Ridge does an excellent job of building and maintaining these properties," he said.