A newly-formed investment group in Winston-Salem is finding some happy hunting for apartment communities…in Burlington. From an article in the Triad Business Journal:
Luke Chung and his new Winston-Salem-based VIP Syndicate have purchased the first of what he hopes will be several multifamily communities in the Triad.
Chung started in the city where he hopes to acquire many more properties: Burlington. VIP paid $4.48 million for Clifton Place Apartments at 2575 Eldermont St. to a Burlington LLC managed by Jason DeBoer and Jeffrey Gabriel.
“I’m looking to buy as much as I can in that area,” Chung told Triad Business Journal. “I’m very bullish on the Burlington market. I think there’s potential for a boom there in the near future.”
As the article points out, Burlington is one of the highest growth areas for apartments in the Triad. In fact, according to Real Data’s latest report (Oct, 17) Alamance-Burlington has more units under construction (628) than any other sub-market in the Triad. The next two closest are downtown Greensboro (372) and downtown Winston-Salem (344). With it’s proximity to both the Triad and the western edge of the Triangle market, Alamance-Burlington is uniquely positioned for immediate growth.