Organization That Owns 10 Triad Shopping Centers Buys First Apartment Community

A New Jersey-based company currently owns ten shopping centers in the Piedmont Triad and has now entered the apartment market with the purchase of a Winston-Salem property. From the Triad Business Journal:

The Bedrin Organization, which owns 10 Triad shopping centers, has purchased Hilltop House Apartments in downtown Winston-Salem for $17.75 from retired Wachovia Corp. CEO and chairman L.M. “Bud” Baker in a deal that closed Monday…

The 169-unit community at 241 S. Cherry St., includes three buildings, and has an interesting history. The first building was built in 1962 as a Holiday Inn, later became a Best Western and was converted into 54 units in 2011 and 2012. The 50-room North Tower was built in 2012. The 65-unit South Tower was built in 2014 using pre-fabricated pod components.

“We are excited about where downtown Winston-Salem is going, with the arts and the culture that is there, with the Innovation Quarter,” said Garret Bedrin, who oversees acquisitions, leasing and investor relations for the New Jersey-based family company. “We want to make sure that there is a reasonably priced option for housing downtown.”

Construction Started on Phase III of Hilltop House in Winston-Salem

From the Winston-Salem Journal:

Frank L. Blum Construction Co. has started building Phase III of Hilltop House apartments in downtown Winston-Salem.

Hilltop House South will have 65 one-bedroom units at the corner of Brookstown Avenue and Factory Row, across the street from the Brookstown Inn. Each apartment will be about 630 square feet…

Hilltop House South, which was designed by CJMW Architecture, is expected to be completed in spring 2014…

While the apartment building will have a conventional first floor, Winston-Salem-based Blum Construction will use pre-fabricated, modular units for 52 apartments on the top four floors…

Baker said that the monthly rent has not been determined, but he expects it to be what renters are paying for similar sized one-bedroom apartments at the Hilltop House complex, which ranges from $625 to $750 a month.