515 Carowill Drive, Greensboro, NC 27455

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Executive Summary

Berkadia is pleased to exclusively offer Reserve at Greenwood, a 240-unit core-plus asset built in 2020, located on the north side of Greensboro, NC.

Positioned inside the I-840 Urban Loop, the property offers exceptional access to the Triad’s most prominent employment and lifestyle destinations. Reserve at Greenwood is strategically situated just inside the Elm Street interchange, placing residents within a 10-minute drive of the rapidly expanding Piedmont Triad International Airport—home to more than 8,600 jobs and the future site of JetZero’s $4.7 billion aerospace campus, expected to bring over 14,500 new high-tech jobs to the region.

The property’s location also provides seamless connectivity to Greensboro’s top retail and entertainment corridors, including North Elm Village, the Battleground Parks District, and Friendly Center, while Downtown Greensboro’s office and cultural core lies just five miles to the south. With average household incomes exceeding $100,000 within a five-mile radius and projected rent growth of over 3% annually, Reserve at Greenwood is well-positioned to benefit from continued economic expansion and demographic strength.

Offering stabilized, in-place cash flow and a clear path to rent optimization, the asset represents a rare opportunity to acquire a high-quality asset in one of North Carolina’s most dynamic growth corridors at a discount to current replacement cost.

240

Units

2021

Year Built

1,058 SF

Avg. Unit Size

97.9%

Occupancy

$1,565

Market Rent

$1,564

Effective Rent

Investment Drivers

Premier Asset in a Growing Market

  • Built in 2020, Reserve at Greenwood is a 240-unit luxury multifamily community offering 1-, 2-, and 3-bedroom units ranging from 845 to 1,304 sq ft  
  • Resort-style amenities include a fitness center, pool, clubhouse, walking trails, dog park, and business center, appealing to lifestyle-focused renters

Rent Growth & Market Positioning

Compelling rent growth opportunity: current rents start at $1,450, significantly below newer submarket comps at $1,675–$1,700, positioning the property for meaningful revenue upside as local muted supply and net migration forecasts project continued rent growth in high-demand Sunbelt markets like Greensboro 

High Barriers to Homeownership

  • Homeownership affordability in Greensboro has declined sharply, with only 56% of homes affordable to households earning $100K/year  
  • Elevated interest rates and rising home prices have created a strong renter demographic, especially among young professionals and relocating families  

Major Employment Drivers 

  • JetZero’s $4.7B aerospace manufacturing facility at Piedmont Triad International Airport will create 14,500 jobs, with hiring beginning in 2026  
  • Toyota’s battery manufacturing plant at the Greensboro-Randolph Megasite is investing $5.6B, with 2,100 jobs already committed and plans for up to 5,000 jobs  
  • These projects represent transformational employment pipelines that will drive housing demand for years to come 

Strong Demographics & Income Profile

  • The Reserve neighborhood boasts an average household income of $124,959, with a median of $85,345 
  • These figures significantly exceed the citywide median of $66,027, indicating a high-income renter base 

Contact Us

Office Location
121 Calhoun Street
Suite 200
Charleston, SC 29401

Investment Sales

Christian DiCroce
Director
843.972.7478
[email protected]
DRE License #129630

Dave Lansbury
Senior Managing Director
571.212.0501
[email protected]
DRE License #95120

Jim Sewell
Senior Managing Director
843.806.4400
[email protected]
DRE License #41360

Erika Maston
Managing Director
843.806.4394
[email protected]
DRE License #121194

Caleb Troop
Senior Managing Director
980.208.1668
[email protected]
DRE License #121822

Matthew Robertson
Associate Director
919.812.3174
[email protected]

Kyle Williamson
Senior Financial Analyst
843.972.5347
[email protected]

Mortgage Banking

Josh Finley
Managing Director
404.654.2594
[email protected]

Andrew Weltlich
Senior Real Estate Analyst
470.681.1433
[email protected]

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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.  

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