• With original 1969 construction, interiors are primed for modernization with a market supported value-add program unlocking average rent premiums of $150 per month. Additionally, ownership has not implemented a formal RUBS or bill-back system at the property, creating an opportunity for further upside.

The submarket surrounding New Garden Place recorded zero completions since Q3 2024 and currently has just 33 units under construction. East Greensboro has limited supply of updated workforce housing, creating an opportunity to reposition New Garden Apartments as a competitive, affordable option with modern finishes.

• New Garden Apartments presents a compelling tax abatement opportunity, offering full property tax exemption through 80% AMI compliance while maintaining significant rent headroom – current rents are well below allowable limits, creating room for growth and improved cash flow.

• Greensboro’s multifamily market continues to experience healthy occupancy and rent growth, supported by population growth and a constrained development pipeline. Cone Health and other medical facilities nearby provide a steady stream of healthcare professionals seeking quality rental housing close to work. The subject property is also located 1.5 miles from North Carolina A&T State University which continues to fuel a consistent source of renter demand in the submarket.

• JetZero’s planned $4.7 billion aerospace manufacturing facility at Piedmont Triad International Airport is expected to create 14,500 jobs, with hiring beginning in 2026. In addition, Toyota’s $5.6 billion battery manufacturing plant at the Greensboro-Randolph Megasite has already committed 2,100 jobs with plans to expand to up to 5,000 positions. These landmark projects represent long-term economic catalysts that will fuel housing demand across the region for years to come.

The NC A&T submarket demonstrates strong fundamentals with an average 93.8% occupancy and average asking rents near $1,073. These metrics highlight consistent absorption and affordability for mid-market renters, reinforcing stability. Additionally, easy access to U.S. 29, I-40, and I-85 provides residents working throughout the Piedmont Triad with convenient commutes, enhancing the property’s appeal to a broad renter base.