The Triangle Business Journal has an interview with Chaucer Creek Capital’s Billy McClatchey after the firm made $43 million in apartment acquisitions in the last few months. Some highlights:
Chaucer Creek bought Gallery Lofts at a rate of $176,341 per unit. Why was the investment worth it? The Winston-Salem acquisition was very different. It’s a very definite bet on the downtown growth, and the investment that they’re making there. (Bell Brassfield) is a very suburban location, but what we consider to be a very, very good location.
Why make that bet on downtown Winston-Salem? It’s just so rare to be able to have the amount of land that they’ve been able to set aside to really start from scratch, and remodel the downtown, both for living, for retail, and for jobs, and to be able to thoughtfully approach that. Not many cities have been able to do that, or have that opportunity. I think it’s a brilliant strategy on the part of the city. There are countless cities across the Southeast who would not have had the forethought or energy to do what they’re doing downtown. The only town we’ve seen it work in as well is Durham in the past 10 to 15 years. Durham has done a great job, and I think Winston-Salem is next.