The Edge Flats, a luxury apartment development in Winston-Salem targeted towards medical students at the Wake Forest Baptist Medical Center, was sold for over $207,000 per unit. To put that number in perspective, CityView Apartments in Greensboro sold earlier this year for a little over $94,000 per unit.
Construction began in fall 2013 for 171 luxury flats among two buildings off West First Street. The $20 million development by Pennsylvania-based Vision Development Inc. is known as The Edge and was aimed at medical students.
S2S Meadow Edge LLC/The Edge Associates LLC and S2S Arbors Edge LLC purchased the two-building community and the 6.3 acres it sits on for $35.4 million. Those entities are affiliated with Shore to Shore Properties, a real estate investment firm based in Sausalito, Calif., that specializes in multifamily housing investment.
The seller, West Highland Acquisitions LP, is an entity managed by Vision Development owner Rick Shaffer.