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Small apartment property near a Triad downtown fetches $1.55 million

John Brasier
Small apartment property near a Triad downtown fetches $1.55 million

A 15-unit apartment property on the fringe of downtown Greensboro has been sold to an LLC based in Miami for $1.55 million. AIC Capital, the buyers of Phillips Place at 303 N. Mendenhall St., have plans to add amenities and raise rents, according to Marcus & Millichap (NYSE: MMI), the commercial real estate investment services firm that represented AIC and the seller, Burkely Communities of Greensboro. AIC declined to comment on the planned amenities.