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BRIDFORD LAND16.08-ACRE DEVELOPMENT OPPORTUNITY IN GREENSBORO’S HIGH-GROWTH, AMENITIZED BRIDFORD/WENDOVER AREA
GREENSBORO, NORTH CAROLINA
BRIDFORD LAND16.08-ACRE DEVELOPMENT OPPORTUNITY IN GREENSBORO’S HIGH-GROWTH, AMENITIZED BRIDFORD/WENDOVER AREA
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp., a North Carolina licensed real estate broker (“HFF”), has been retained as the exclusive sales representative for Bridford Land, a 16.08-acre development opportunity zoned RM-12 with up to 200 residential units allowed by right in the high-growth Bridford/Wendover area of Greensboro, North Carolina. Centrally located in the resurgent Greensboro area with compelling immediate access to I-40 and I-73, Bridford Land has convenient access to 3+ million square feet of retail (5 minutes) and to numerous regional employment hubs within 15 minutes. The Bridford area has strong demographics ($73,448 average household incomes in a one-mile radius) and has experienced robust development in the past five years with for-rent multifamily achieving $1,200+ rents and for-sale townhomes selling for $150,000 to $250,000.
ADDRESS 5631 Ruffin Road Greensboro, NC 27407
GUILFORD COUNT Y PINS
7833253363 & 7833158694
MUNICIPALIT Y City of Greensboro
ACRE AGE ( APPROX . )
16.08 gross acres 9.81 net acres
ACRE AGE IMPACTS
Bridford Lakes final plat (127-033): Dedication to City of Greensboro for drainage, open space, and utility easement
FRONTAGES ( APPROX . )
625' Ruffin Road
ZONING RM-12: Multifamily and other residential uses at a density of 12.0 units per acre or less
ALLOWABLE UNITS
Bridford Lakes final plat (127-033): Lot 2 allocation for 200 units
CURRENT USAGE Vacant, wooded land
PRICING Unpriced
INVESTMENT HIGHLIGHTS
BRIDFORD LAND | 2
DENSE IN-PLACE RESIDENTIAL ZONING
With only ±9.81 net acres (aprox.) available for development, Bridford Land is already zoned for medium-density residential development, either for-rent multifamily or for-sale product, with up to 200 allowable units corresponding to 12 units per gross acre. The Property’s usable acreage is approximately 9.81 acres due to an impact from the adjacent Bull Run Creek and a previous dedication to the City of Greensboro.
CENTRAL GREENSBORO LOCALE WITH EMPLOYMENT PROXIMITY
Situated two miles from the critical I-40 (112,000 VPD) and I-73 (42,000 VPD) interchange, Bridford Land has an exceptional central Greensboro location within 15 minutes of major employment areas such as Downtown Greensboro, University of North Carolina at Greensboro (20,000 students/3,500+ faculty/staff), and a thriving logistics-oriented employment base around Piedmont Triad International Airport (1,700-job Honda Aircraft, 1,500-employee FedEx, and 1,500-job HAECO).
BRIDFORD LAND | 3
R ADIUS 1-MILE 3-MILE 5-MILE
2016 Population 8,749 57,863 132,803
Census Population (2000) 5,790 46,625 106,116
Historical Population CAGR (2000-2016) 2.8% 1.5% 1.5%
Avg Household Income $73,448 $66,855 $69,687
Median Household Income $61,265 $54,841 $56,480
Per Capita Income $34,943 $30,461 $30,942
Median Age 31.1 33.8 36.5
Average Household Size 2.1 2.2 2.2
% Bachelors Degree or Higher 44.8% 39.1% 40.5%
BRIDFORD L AND DEMOGR APHICS
Source: Regis
GREENSBORO
HIGH POINTCHARLOTTE
75 MILES
RALEIGH-DURHAM45 MILES
WINSTON-SALEM15 MILES
73
73
40
85
40
70
220
BRIDFORD L AND
BRIDFORD LAND | 4
UNMATCHED RETAIL OPTIONS AND ACCESS
Bridford Land is ideally located within five minutes of Greensboro’s largest retail concentration – along Bridford Parkway and West Wendover Avenue – with more than three million square feet of sought-after retail, including Costco, Target, The Home Depot, Kohl’s, Old Navy, Walmart, Sam’s Club, Lowe’s, and Bed Bath & Beyond, to name a few.
HIGH-GROWTH BRIDFORD/WENDOVER AREA
The Bridford/Wendover area has attracted institutional interest with nearly 33% of Greensboro’s new supply (851 units) built within a one-mile radius of the Property. Lafayette Landing I & II ($1,225 average rents) is leasing up quickly while Bridford West, Wendover at Meadowood, and Wendover Axcess command $900+ rents. Several nearby townhome developments, notably Eagle Pointe and Lafayette Landing Villas, have flourished in the past several years with $150,000 to $250,000 pricing.
ROBUST REGIONAL GROWTH AND DEMAND FUNDAMENTALS
The Greensboro/Winston-Salem/High Point area, known as the Triad, is home to nearly 1.7 million people and a highly diversified economy with five Fortune 500 corporate headquarters (Reynolds American, BB&T, VF Corporation, LabCorp, and Hanesbrands). Greensboro was recently ranked the 9th fastest growing U.S. city since the recession (Forbes) and the area continues to attract new companies and residents with a strong economy and compelling quality of life.
W E N D O V E R V I L L A G E W E N D O V E R A X C E S S A PA R T M E N T S
D O W N T O W N G R E E N S B O R O
BRIDFORD LAND | 5
COMMUNIT Y OWNERSHIP AVG ASKING RENT YEAR BUILT UNITS OCCUPANCY
1 Bridford Lakes Apartments CORE Realty $968 1998 320 98%
2 Reserve at Bridford Bell Partners $910 1998 232 96%
3 Bridford West Hawthorne Residential $926 2015 264 96%
4 Lafayette Landing I & II BSC Holdings $1,266 2017 203 35%
5 Wendover Axcess Real Catalyst Group $868 2012 120 93%
COMMUNIT Y DEVELOPER HOME PRICES
6 Eagle Pointe Keystone Homes $220,000-$240,000
7 Lafayette Landing Villas BSC Holdings $150,000+
8 The Avenues $130,000-$155,000
SURROUNDING MULTIFAMILY DE VELOPMENTS
Source: Axiometrics
RECENTLY BUILT TOWNHOMES
1S
2
5
4
38
67
73
40
WEST WINDOVER AVENUE
BR
IDF
OR
D P
AR
KW
AY
analysts
debt & structured financeinvestment advisors
HFF has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than HFF, and neither Owner nor HFF, nor their respective equity holders, officers, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser, and HFF, its partners, officers, employees and agents disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change.
JEFF GLENN Managing Director 919.573.4646 [email protected]
ALLAN LYNCH Director 704.526.2819 [email protected]
JUSTIN GOOD Managing Director 919.573.4642 [email protected]
SARAH GODWIN Associate 919.573.4643 [email protected]
GEORGE SCHUBERT Real Estate Analyst 704.526.2822 [email protected]
TRAVIS ANDERSON Senior Managing Director 704.526.2806 [email protected]
ROGER EDWARDS Director 919.573.4647 [email protected]
CORY FOWLER Associate Director 704.526.2807 [email protected]
BRENT BOWMAN Director 704.526.2827 [email protected]
201 NORTH TRYON STREET | SUITE 1400 | CHARLOTTE, NORTH CAROLINA | 28202
4242 SIX FORKS ROAD | SUITE 876 | RALEIGH, NORTH CAROLINA | 27609
BRIDFORD LAKES $968 average, 1998 vintage
RESERVE AT BRIDFORD $910 average, 1998 vintage
WALMART SAM’S CLUB
TARGETKOHL’SOLD NAVYDICK’SMICHAEL’S
THE HOME DEPOTFIELD & STREAMHOBBY LOBBY
DOWNTOWN GREENSBOROUNC-GREENSBORO
15 Minutes
WINSTON-SALEM25 Minutes
KERNERSVILLE15 Minutes
PIEDMONT TRIAD INTERNATIONAL AIRPORT & BOOMING LOGISTICS HUB 20,000+ jobs, Honda Aircraft, FedEx, HAECO
BRIDFORD WEST $926 average, 2015 vintage
BR
IDFO
RD
PA
RK
WA
Y
73
40
42,000 VPD
112,000 VPD
BRIDFORD LAND
HUNTER BARRONDirector 704.526.2840 [email protected]
