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Greensboro apartment complex sold for $15.5 million

Greensboro apartment complex sold for $15.5 million

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A Pennsylvania residential company that caters to college student housing has spent $15.5 million to purchase the Cottages at Greensboro complex in Greensboro, according to a Guilford County Register of Deeds filing Friday.

The 25.9-acre complex at 799 Castlewood Drive primarily serves N.C. A&T State University students. It contains 151 one- to four-bedroom units.

The buyer is RRG Cottages Apartments LLC, an affiliate of RRG Management of Jenkintown, Pa. The seller is Cottages at Greensboro LLC of Rye, N.Y.

The sale is one of the latest involving a trend of out-of-state residential developers and investors buying Triad apartment complexes.

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