NJ’s Bedrin Organization expands into NC with Carolina Oaks purchase

GREENSBORO, NC — The Bedrin Organization, known primarily for its investment in nine shopping center properties within the Triad, has continued its foray into the multifamily segment by purchasing Carolina Oaks Apartments at 2505 Fairfax Rd

The Glen Rock, NJ-based real estate developer assumed an $8.95 million note from 4505 Fairfax Road LLC in Howell, NJ with New York-based lending institution Greystone, for the 96-unit apartment complex. The sale closed April 3.

The apartments, which were built in 1998, are a mix of one- and two-bedroom units, from 840 to 1,060 s/f, with rents ranging from $1,095 to $1,469. The purchase brings the Bedrin Family’s number of units in its Triad apartment portfolio from 250 to 346.

Garret Bedrin, who oversees acquisitions, leasing, and investor relations for his family’s company, said that although the Bedrin Organization will manage the complex, the team now in place at Carolina Oaks will remain in place and play an integral role in creating a sense of community.

“We’re excited to be here,” he said. “This is a good housing choice for working class people who want affordable luxury. As with all real estate, location is key, as this is just off the new High Point Rd. exit near Sedgefield. It’s more affordable as well, when compared to new developments near Sedgefield and Jamestown.”