Partnership Purchases, Will Renovate Affordable Housing Property in Kernersville

The Triad Business Journal is reporting that Village East LP, a new partnership that purchased an 88-unit affordable housing community in Kernersville, is planning to spend $5 million on renovations and is also constructing a community building. The project is expected to be complete by spring, 2018. From the Journal’s article:

Village East Apartments, an 88-unit, affordable housing community in Kernersville, has been sold for $2.85 million in a transaction that will lead to as much as $5 million in renovations, according to Bob Houghton, vice-president of Weaver Investment Co. of Greensboro.

KMW Builders of Greensboro is handling the renovations, which Houghton estimated who total between $4.5 million and $5 million. In addition to exterior and interior renovations, KMW will construction a community building…

Houghton said seller Kernersville Housing LP and buyer Village East LP have some of the same members…

Houghton said the new ownership group has gained approval from the N.C. Housing Finance Agency to sell tax credits to investors.