Sale of Arbor Ridge Apartments – Greensboro NC

On behalf of an LLC involving the company and Stonecutter Capital Management of New York, we sold the 304-unit Arbor Ridge Apartments in late 2021.  Synco had leased and managed the property since an initial acquisition and repositioning in 2009.

 

Sale of Tiffany Square Apartments – Rocky Mount NC

This 184-unit apartment community in eastern North Carolina was sold in May of 2022.  The Tiffany Square Apartments property was leased and managed by Synco for its owner, an LLC sponsored by Bill Doogan of Denver CO.

 

Sale of The Oaks Apartments – Lincolnton NC

Coronado CA-based McKee Properties, on behalf of an LLC it sponsored, sold the 111-unit The Oaks Apartments located in this bedroom community of metro Charlotte, in first quarter 2022.  Synco provided leasing and management services to McKee since they acquired the asset five years ago.

 

Sale of Four Apartment/Commercial Properties – Main Street in Downtown Columbia SC

In August 2022, four properties located on Main Street in Columbia’s Central Business District totaling 170 units and 65,000 SF of office and retail space that were leased and managed by Synco, were sold to a single buyer.  One of the properties, the Tapp’s Building, consisting of 42 apartment units and 23,500 SF of retail space, was owned by a partnership sponsored by the company.  The other three assets were owned by entities sponsored by the Prioreschi family.  The Prioreschi’s have a long track record with historic rehabs and conversions of office and retail properties to apartment use in Columbia, as well as other locations in the Carolinas.  Synco acted as advisor to the Prioreschi family and their partners in this transaction.

 

Initial Lease-Up Commencement of The Colony Apartments – Charlotte NC

In August 2022, upon receiving Temporary Certificates of Occupancy on the requisite portion of the 340-unit initial apartment building that is a component of The Colony mixed-use development, initial lease-up commenced with a “soft opening”.  Market response to the building was very positive (see award item below). 

Lease-Up of The Joinery Apartments – Charlotte NC

On behalf of an ownership entity sponsored by SpaceCraft, a multi-family developer of innovative urban residential and mixed-use projects, Synco leased this property to stabilization in advance of initial projections.  The Joinery consists of 83 units and is located on the light rail line just north of downtown Charlotte in the Optimist Park neighborhood.  The company will continue to lease and manage the property for Spacecraft.  Spacecraft owns multiple additional sites for development within a one-mile radius of The Joinery.

 

The Colony Apartments Phase I Awarded Best New Apartment Project by the Charlotte Business Journal

In October 2022, the Charlotte Business Journal selected the 340-unit first phase of The Colony mixed-use development’s residential component as the winner in its annual “Heavy Hitter Awards” program.  Accepting the award on behalf of the company were its architects, BB+M, as well as its general contractor, Choate Construction, and its land planner, LandDesign.

New Lease-Up and Property Management Agreement Executed – Millhouse Apartments in Charlotte NC

SpaceCraft has executed a leasing and management agreement with Synco for its Millhouse Apartments development, located in the same submarket of urban Charlotte as The Joinery.  Millhouse consists of 28 units and will be sufficiently completed to begin accepting initial residents in first quarter of 2023.

New Property Management Agreement – Cedar Hill Apartments in Thomasville NC

Bill Doogan acquired this property during the third quarter of 2022 and asked that we add it to our portfolio of apartment communities we lease and manage for him in North Carolina, which now totals seven assets.

Retirement Announcement – Anita Newhouse, Senior VP of HR and Administration

After 39 years of service to the company in many highly important roles, Anita Newhouse will be retiring as of February 28, 2023.  For decades Anita has led the company’s human resources and payroll functions, all administrative activities including investor communications and relations, and our insurance programs.  When our organization needed her to expand her scope to meet the challenges of downturns in the real estate cycle, she stepped up to anything we asked of her.  Anita’s contributions have been invaluable.  She will be sorely missed by all our people as well as our investing partners and shareholders.  All of us wish Anita and her husband Del well as they enter this “next phase” of their lives.

New Office Space – Synco Properties, Inc.

To adapt to a mix of continuing remote work coupled with some regular daily in-office work, as well as adjustments to the company’s people count, we sublet our previous 6,500 SF of office space in Suite 400 of Carnegie Pointe and relocated to 2,600 SF in Suite 340 in the same building during October 2022.  Our office manager, Risa Polk, spearheaded the office relocation effort.

Colony Redevelopment Project on PBS TV Show
SYNCO Properties’ redevelopment of The Colony site in SouthPark Charlotte was featured in the news this week on WTVI PBS Charlotte.  This week's episode of Impact Charlotte looked at the Charlotte Building Boom"  (May 5, 2021)  https://www.youtube.com/watch?v=o2LJ8xqdNm8


Disposition of Destination at Union Apartments in Gastonia, NC
The 174-unit Destination at Union Apartments in Gastonia NC, which Synco Property Management had been managing for its owner, READ Properties of New York, since READ’s purchase of the property in 2014, was sold on December 8, 2020 to an undisclosed purchaser. During the holding period, Synco had executed a value-add program on behalf of READ, which combined with a steady rise in rental rates and consistently high occupancy under Synco’s management, resulted in a sale at a very substantial gain for the seller.

A New Chapter for The Colony in Charlotte
SYNCO Properties has owned and managed The Colony apartments in the heart of the SouthPark area of Charlotte since 1976. During those 43 years, we’ve formed countless fond memories with the numerous individuals who have resided there... Read more   (July 29, 2019)