Grubb Properties secures two assets with opportunity fund
Grubb Properties’ 2019 Grubb Qualified Opportunity Fund has secured two assets: the 137 E. Franklin Street building in Chapel Hill, N.C.; and the site of the future Link Apartments 4th Street in downtown Winston-Salem, N.C. The price was not disclosed.
137 E. Franklin is an office property in downtown Chapel Hill and is directly across from the University of North Carolina at Chapel Hill campus. Grubb Properties plans to reposition the building into an entrepreneurial hub that provides start-up companies with greater access to capital through the tax benefits given to qualifying businesses in opportunity zones.
Link Apartments 4th Street will be a 224-unit multifamily community in the heart of Winston-Salem’s downtown entertainment district. After pursuing the project for four years, Grubb Properties has secured a permanent parking easement and 15 years of tax abatements. The company has an application pending to secure a 42-year, fixed-rate HUD loan for the develo