GREENSBORO, NC UNIVERSITY OF NORTH CAROLINA AT GREENSBORO
SPOTLIGHT ON GREENSBORO, NCOCTOBER 2019
2,266units of positive net absorption since 2015
1,809units delivered since 2015 (1,300 units under construction as of Q4 2019)
Data courtesy of Greysteel Research, CoStar Realty Information, Inc. Survey includes multifamily properties greater than 10 units (32,242 units in aggregate). Fully affordable properties and the following asset types are excluded from the survey: senior, corporate, military and student.
4.3%average annual effective rent growth since 2015
Home to more than 291,000 residents, Greensboro is a lively and bustling city located in the fast-growing Piedmont Triad region of north-central North Carolina. Greensboro boasts a well-educated workforce, with approximately 39% of its eligible residents holding a bachelor’s degree or higher. This education level is likely correlated to the presence of University of North Carolina at Greensboro, a public research university with an enrollment of over 20,000 students and one of the largest employers in the city. Greensboro’s diverse workforce is paid a fair salary, with a median household income of nearly $50,000.
Greensboro’s economy is primarily bolstered by the manufacturing and distribution sectors, with numerous high-profile companies operating or headquartered in the city. Stemming from this large concentration of firms in these industries, Greensboro’s top industries consist of Trade, Transportation and Utilities, Professional and Business Services, and Manufacturing. However, the city’s robust economy is diversified too, with a large number of healthcare, education, and financial institutions operating in the city.
Moses Cone Health System
• Encompassing more than 100 locations, Cone Health is an integrated not-for-profit network of health care providers serving people in the Piedmont Triad region
• Employs more than 9,400 staff and physicians in Greensboro, making it the city’s largest employer
• Located in Greensboro, Moses H. Cone Memorial Hospital is a 535-bed Level II Trauma Center that is the largest hospital in the four-county region and the medical center of Cone Health
University of North Carolina at Greensboro
• The University of North Carolina at Greensboro (UNCG) is a public research university that is part of the University of North Carolina system
• Accredited by the SACSCC, the school offers over 100 undergraduate, 61 master’s, and doctoral programs with an enrollment of 20,000 students each year
• UNCG is Greensboro’s third largest employer with 3,175 faculty and staff
Unifi, Inc.
• A manufacturing company headquartered in Greensboro that produces and sells commodity yarns, specialized yarns, and premier value-added yarns
• Unifi employs more than 2,150 workers in Greensboro, making it the city’s largest manufacturing employer and ninth-largest employer overall
• In fiscal year 2018, Unifi posted revenue of $679 million and net income of $31.7 million
CONTINUE TO SALES COMPARABLESListed properties represent a small cross-sampling of the overall market. Data courtesy of CoStar Realty Information, Inc.
COUNTRY PARK AT TALL OAKS
HAWTHORNE AT HORSE PEN CREEK
MADISON AT ADAMS FARM
THE MOREHEADCUMBERLAND
COURTS
Property
Year Built 2017 2008 1987 1972 1965
Occupancy 99.1% 95.3% 91.6% 97.5% 100.0%
Avg. Unit Size 988 SF 1,055 SF 1,044 SF 1,002 SF 750 SF
Rental Rates
Unit Type Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF
New York • Los Angeles • Dallas • Fort Worth • Washington D.C.* • Philadelphia • Phoenix • Denver • Baltimore • Charlotte • Norfolk • Oklahoma City
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