Kernersville Multi-Use Development Will Have 500 Apartments

Welden Village, a 385-acre, mixed-used development proposed in Kernersville that is a “traditional” neighborhood development (TND), will include 500 apartments, 306 of which are being built by Parr Construction later this year. Here’s a description of the project from an article in the Triad Business Journal:

Instead of a development based on “pods” of similar homes, Arden plans to create one integrated walkable community with well-connected streets where residents can make short walks to parks, open spaces, civic amenities and new retail spaces. Traditional neighborhood development, sometimes referred to as neotraditional design or New Urbanism, harkens back to how neighborhoods were developed prior to World War II – before automobiles changed the dynamics…

The plans for Welden include three single-family areas with about 1,400 homes as well as about 200 townhomes and 500 apartment units. Rhodes said about 30 acres would be used for a commercial village…

Next up is Welden Park Apartments, a 306-unit complex adjacent to the village center, built by Triad-based Parr Construction. Kernersville approved a site plan in March, and construction is scheduled to begin late this summer, according to Rhodes.

Parr’s Clemmons Town Center Apartments Leasing Up

Chris Parr’s Clemmons Town Center Apartments is part of a large multi-use development in Clemmons that was stalled during the recession and is now poised to really take off. From a story in the Winston-Salem Journal:

The development of Village Point, a tract of land between Lewisville-Clemmons and Harper roads, has taken a big leap forward with the opening of Clemmons Town Center Apartments.

Owned and developed by Chris Parr, the multifamily complex features 208 one-, two- and three-bedroom apartments, with 104 more units planned, making it the largest complex in the village…

Since opening in March, 40 of the apartments in phase one have been rented, Parr said.

“We think we’ll be full by next Christmas, which is quick for a product that is not downtown (Winston-Salem),” he said…

The finished apartments, which range from 800 to 1,300 square feet, have a slightly higher price than other apartments in the area, with two-bedroom units priced at a monthly rent of $959. One bedroom units start at $799…

The apartments feature granite countertops, pendant lighting, stainless steel appliances, an open floor plan, and washer and dry hookups. Other amenities include a clubhouse with fitness room, a 24-person movie theater that can be rented for parties and a swimming pool.

 

Up Close with Chris Parr

In every issue of the Triad Business Journal there’s a Q&A with a local business executive and a couple of weeks ago they featured PTAA member Chris Parr:

You have two apartment projects planned in Kernersville right across the street from one another. Why the proximity? Because somebody else would buy it. They would see what I saw in it, and just know that it was a great location and has the lowest vacancy rate in the Triad. So I outsmarted them; I bought both of them. That way I didn’t have anybody messing with me…

Why not contract with another company for property management? I don’t think I’d be able to deal with an apartment management company managing my stuff, never knowing who’s going to be in the office or in control of expenses. After I built my first complex, I threw myself into apartment management quickly, which was definitely a learning curve. Property management, for the most part, is a good, stable business, and that was one of the key reasons I got into it. I wanted residual income.

What kind of lessons were there on that learning curve? There have been times when I shook my head thinking, ‘this is crazy.’ When the fire alarm rings in the middle of night, those calls will come to me. I just love it because it’s chaotic, and it’s unique; you meet so many different people. It’s really been enlightening for me, and it’s opened my eyes to a lot of different types of people and how people live and act…

Do you think the Triad’s apartment market is approaching being overbuilt? We’re possibly getting near the peak. But each submarket is different. Kernersville needs apartments; Clemmons is a prime location. The apartment market is always going to be there. We’re actually seeing a lot of older people coming to rent now; we’re seeing this huge shift in people who are preferring to rent rather than own.

Parr Announces Clemmons Development

PTAA member Chris Parr recently announced a new 312-unit development in Clemmons that will be part of the Village Point multi-use development off of Lewisville-Clemmons Road:

Chris Parr said Friday that grading will begin Monday on a 22-acre parcel of the Village Point site that borders Interstate 40, Lewisville-Clemmons Road and Clemmons Town Center.

Parr bought the property for $2.1 million in February. He plans to build 312 apartments at a total cost of $22.5 million. His goal is having the apartments available for rent within a year.

It would be the fourth developmental piece of the overall Village Point campus that includes Clemmons Medical Center, Morgan Elementary School and the first phase of Clemmons Town Center anchored by Panera Bread and a Capital Bank branch. There also are greenways and a lake on the campus…

Parr said the Clemmons apartments will range from 800 to 1,300 square feet, with monthly rents ranging from $769 to $1,150.