Site work has begun on a $35 million, 229-unit luxury apartment building in Winston-Salem’s West End. From the Triad Business Journal:
West End Station, a 229-unit building with modern amenities, including enclosed parking, saltwater swimming pool, fitness center, elevated and landscaped courtyards, is scheduled to open in about two years, according to developers DPJ Residential and Chaucer Creek Capital.
Porter Jones, principal of DPJ, estimated the project cost at $35 million. He said one-bedroom apartments would rent for about $1,200, with two-bedroom units at around $1,600.
Porter said demolition started this week. He said he expected the units to open in about two years. The address is 206 N. Green St…
The two-story clubhouse will include a fitness center, a yoga and spin bike room, a full demonstration kitchen, a resident lounge, business center, an elevated terrace looking out over the pool and two elevated landscaped courtyards with gas grills, outdoor TVs and lounge seating.
Parking will be accessible by three elevators. The 121-car single-story, secured deck will run under a portion of the building. The surface lot will have 173 spaces. Units along Green Street will have direct pedestrian access to the sidewalk as well as unobstructed downtown skyline views.
Construction has begun for a new apartment community in Whitsett:
Ground has been broken on a 144-unit apartment complex in the Stoney Creek community of Whitsett. The complex, Fairway Village at Stoney Creek, will be on the far side of U.S. 70 from Stoney Creek Golf Club. It’s being built on a 19-acre tract between U.S. 70 and Interstate 40/85…
Bob Houghton, a vice president with Weaver Investment, said plans are for Fairway Village to be completed by this fall…
Houghton said Fairway Village will be made up of one-, two- and three-bedroom apartments. Rental prices haven’t been determined. The complex will include amenities like a swimming pool and clubhouse, as well as a walking trail.
For years Koury Corp. has been in a holding pattern with its proposed apartment project near its Grandover resort, but now it’s begun developing the site. From the Triad Business Journal:
Koury Corp.’s long-awaited push to develop the west side of its Grandover property has begun with the start of construction of Millis and Main, a 192-unit, luxury apartment community, at the intersection of Millis Road and Main Street, near Millis Road Elementary School.
Steve Showfety, president of the Greensboro-based development company, said Koury had endured a “holding period” of about a decade as road construction and territorial jurisdiction questions between Greensboro and Jamestown bogged down its development plans. The site, perched between Greensboro and Jamestown, is at the confluence of several roads that straddle municipal jurisdictions and that have been renamed, realigned or reconfigured in recent years: West Gate City Boulevard, Guilford College Road, East Main Street and Jamestown Parkway.
Showfety said construction began near the end of October. Showfety said some units and a 6,000-square-foot clubhouse should be completed by the spring, when Koury expects pre-leasing to begin. Koury is handling construction, with Greensboro-based Hawthorne Residential Partners handing property management.
Signature Property Group, a longtime presence in the Greensboro apartment market, is ready to expand into other Triad markets:
Work should begin next month on a $32 million, 288-unit complex in Burlington around the same time work starts on a $30.2 million, 264-unit complex in Mebane.
Signature CEO Frank Auman said he’s excited to begin building in both cities, and the locations of each fit into a model he says has proved successful — within walking distance of amenities, and close to interstate access.
“We want to expand our presence outside the market,” Auman said. “My strategy is to first move toward the greater Raleigh area, so we’re kind of marching in that direction.”
As part of his explanation for why he sees potential in this sector of the apartment market, Auman was quoted as follows:
“Our rental demographic keeps expanding, especially in this rental class,” he said. “You’re as likely to get recently graduated college kids on their first job as you are to get retirees who are tired of mowing the grass and want to be more mobile.”
You can read the full story here.
Hot off of its sale of its City View Apartments to Carroll Companies, Signature Property Group is venturing outside the bounds of Greensboro and developing 264-unit apartment community in Mebane:
A 264-unit apartment complex on South N.C. 119 is the most recent residential project approved by the Mebane City Council.
On Monday night, council members approved a request by Signature Property Group, Greensboro, to construct what the city’s agenda referred to as a “high-end” development on the western part of 22.5 acres on South N.C. 119 extending back to Holmes Lane…
The $25 million complex will be a gated community targeting “folks who could afford to buy a single-family home and just for some reason are choosing not to,” Coker said.
Coker said rents for the one- and two-bedroom units would range from $800 into the $1,000s.
It will feature amenities like a pool, clubhouse, fitness center, dog park, on-property bike trail, stainless steel appliances, 9-foot ceilings and solid wood cabinets.
According to a story in the Triad Business Journal a mixed use development in Adams Farm might include apartments:
Tribek Properties of Charlotte is in the preliminary stages of planning a multi-user, mixed-use development on a 17.6-acre tract at High Point and Mackay roads at the site of a former Fortress Wood Products plant.
The site at 1 Metals Drive is near Guilford Technical Community College and sits behind a stretch of High Point Road that’s currently being widened near the Adams Farm community…
Bortz said Tribek was just starting to talk with potential tenants and could envision multiple uses for the property: apartments, a grocery store, a discount retailer, an office building, an institutional or medical facility.
“A lot of it just depends on who has interest in that market,” he said.
From the Triad Business Journal:
Greensboro developer Barry Siegal is set to begin work by July 1 on a more than $18 million, 197-unit upscale apartment development called The Lofts at Little Creek in Winston-Salem.
Once built by the end of 2013, the development designed by Erskine-Smith Architecture of Greensboro will add a high-end multifamily component to the Shoppes on Little Creek, a mixed-use development off Hanes Mall Boulevard…
Monthly rents will range from $915 to $1,125. The project falls within Forsyth County’s western submarket, where the average rent is $667, a rate influenced by the mostly older properties in that area. The rates for newer properties in that area typically range from $760 to $940, said Engle Addington, a multifamily analyst with Real Data.
Siegal expects that local professionals will be willing to pay higher prices for a project with high-end finishes, three elevators and amenities including a gym, billiard room, business center and pool.
Local CBS affiliate WFMY ran a fairly extensive story on the rise in apartment construction in the Piedmont Triad (link below).
WFMY Story About Apartment Construction in the Piedmont