National property management firm secures management contract for Greensboro, NC property, showing big results in just four months
DF Multifamily, a division of Drucker + Falk (DF), one of the nation’s most prominent multifamily management companies, has teamed up with Dallas, Texas-based Expedition Capital Advisors (ExCap) as the management partner at Greensboro, North Carolina’s Arbor Ridge on West Friendly Apartment Homes, expanding the DF portfolio in the Carolinas. ExCap, a real estate fund manager pursuing opportunistic and value-add investments, has a heavy investment focus on the multifamily sector, and is pursuing both value-add acquisition and ground-up development opportunities in submarkets throughout the sunbelt with strong employment and population growth.
DF has assumed management of Arbor Ridge on West Friendly Apartment Homes at 7 Woodstream Lane in Greensboro, NC. A well-appointed 304-unit community built in 1983, Arbor Ridge on West Friendly represents the first acquisition in the Carolinas for ExCap. When the opportunity became available, ExCap meticulously researched and interviewed multiple management companies in the Southeast, eventually choosing DF based on the company’s stellar reputation, core values, and outstanding record with day-to-day operations. Since acquiring the property in November of 2021, DF has provided immediate results through rental increases, branding and advertising enhancements, and sourcing of high-quality personnel at the property.
Nestled amongst more than 24 acres of lush landscaping and conveniently accessible to Piedmont Triad International Airport, I40, I73, downtown Greensboro, Guilford College, and major shopping and retail locations, Arbor Ridge on West Friendly boasts spacious studio, deluxe studio, one-bedroom, and two-bedroom floorplans, huge walk-in closets, fully equipped kitchens, breakfast bars, picturesque Bay windows, split floor plans ideal for roommates, and more. Residents of Arbor Ridge on West Friendly will enjoy a resort-style pool with large sundeck and WiFi, a 24-hour Fitness Center, a gazebo and picnic area with built-in grills, a self-serve gourmet coffee and tea bar, a business center, a car care center with vacuum, and a fenced pet park – all with a park-like setting on 25 secluded acres.
Since its inception in 2010, ExCap has made more than 40 distinct multifamily investments comprised of over 11,000 units, predominantly across Texas and the Southwest. With ExCap’s dedicated effort to expand in the Southeast, DF was the top choice for a management partner to support their growth initiatives. According to Kevin Bedford, Managing Director of ExCap, “We’ve been impressed with DF from the outset. Their impressive track record stood out, as did their modern and fresh perspective on the multifamily industry. We look forward to growing the partnership as we continue to expand our portfolio through the Carolinas and the broader Southeast.”
Looking towards the future and setting the stage for value-add opportunities, the teams at DF and ExCap have major plans in place for Arbor Ridge on West Friendly Apartment Homes. These plans include the expansion and redesign of the existing clubhouse and pool area to accommodate more modern resident amenities and workspaces; the refreshment of exteriors to enhance the cultivated landscaping and the unique architectural features of the buildings; and modernizing the interiors by bringing the already well-appointed layouts up a level with designer finishes like solid surface counters, white cabinets, LVP flooring, and updated lighting packages. The teams at DF are looking forward to leading these efforts by providing recommendations, marketing, and oversight.
