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.”
The recent sale of Towergate Apartments continues a trend of apartment purchases by companies from outside the region. From the Winston-Salem Journal:
Another Forsyth County apartment complex has been sold to an out-of-region buyer, this time Towergate Apartments in Winston-Salem for $10.94 million.
The buyer is Ginkgo Towergate LLC of Charlotte, and the seller is Towergate Associates LLC of Winston-Salem, according to a Forsyth County Register of Deeds filing Tuesday. The deal closed Tuesday….
The complex was built in 1985 and has 259 units within 25 buildings on 14.65 acres.
The sale is the latest of a recent spree of apartment complex purchases in the county…
Other recent apartment complex sales include: the 209-unit Carolina Woods in Winston-Salem for $11.5 million; 213-unit Loxley Chase in Winston-Salem selling for $16.25 million; 234-unit Morgan Place in Clemmons for $14.3 million; 204-unit Twin City Townhomes in Winston-Salem for $10.15 million; 144-unit Salem Crest in Winston-Salem for $7.5 million; 96-unit Woodlawn in Winston-Salem for $3.5 million; and the 49-unit apartment complex at 1976 Maryland Ave. in Winston-Salem for $1.45 million.
The Winston-Salem Journal ran a fairly in-depth article on the sale of Carolina Woods and the plans the new owner has for the community. Here’s a taste:
” The Carolina Woods apartment community near Bethabara Park will go through a major renovation initiative as part of its new owner’s push into the North Carolina and Southeast metro markets…
Weiss owns and manages more than 600 multifamily units, more than 20,000 square feet of commercial space, and an 89-room boutique hotel, banquet hall and restaurant.
However, until it closed on the Carolina Woods community, all of its investments were in New Jersey and New York.”
The article also had an interesting bit of info about all of the apartment transactions in Winston-Salem over the last six months:
“The others include: 213-unit Loxley Chase in Winston-Salem selling for $16.25 million; 234-unit Morgan Place in Clemmons for $14.3 million; 204-unit Twin City Townhomes in Winston-Salem for $10.15 million; 144-unit Salem Crest in Winston-Salem for $7.5 million; 96-unit Woodlawn in Winston-Salem for $3.5 million; and the 49-unit apartment complex at 1976 Maryland Ave. in Winston-Salem for $1.45 million. “
A Beverly Hills-based company has entered the Triad market with acquisitions in Winston-Salem. From a story in the Triad Business Journal:
Goldenberg said the purchases from LLCs managed by Charles Douthit of Raleigh are EBEX’s first in the Triad. He told TBJ that he has at least one other Triad apartment deal in the works, but is not ready to announce it. EBEX owns the 348-unit Arcadian Village apartments in Charlotte and two 100-unit complexes in Spartanburg, S.C.
Wellington Advisors will manage Diamond Ridge.
The Edge Flats, a luxury apartment development in Winston-Salem targeted towards medical students at the Wake Forest Baptist Medical Center, was sold for over $207,000 per unit. To put that number in perspective, CityView Apartments in Greensboro sold earlier this year for a little over $94,000 per unit.
Construction began in fall 2013 for 171 luxury flats among two buildings off West First Street. The $20 million development by Pennsylvania-based Vision Development Inc. is known as The Edge and was aimed at medical students.
S2S Meadow Edge LLC/The Edge Associates LLC and S2S Arbors Edge LLC purchased the two-building community and the 6.3 acres it sits on for $35.4 million. Those entities are affiliated with Shore to Shore Properties, a real estate investment firm based in Sausalito, Calif., that specializes in multifamily housing investment.
The seller, West Highland Acquisitions LP, is an entity managed by Vision Development owner Rick Shaffer.
Triad Business Journal has the story:
A Connecticut-based private investment group has bought the 144-unit Sedgefield Apartments complex in Winston-Salem for $9.8 million…
Berkshire Property Advisors had owned the complex, at 4755 Country Club Road, since January 2008, when the real estate investment management company bought it for $8 million, deeds show.
From Ginkgo’s press release:
Ginkgo Residential today announced the acquisition of Salem Crest Apartments located in Winston-Salem, North Carolina, for a contract price of $4,250,000. The approximately 17 acre property contains 144 one, two, and three bedroom apartment homes. The property also includes a swimming pool, playground, and ample walking areas.
Philip Payne, CEO of Ginkgo Residential stated, “Salem Crest represents the latest addition to Ginkgo Residential’s rapidly growing portfolio of high quality, modestly priced apartment properties. With the acquisition of Salem Crest, Ginkgo now operates four properties housing over 500 families in the Winston-Salem market. Ginkgo is committed to, and intends to continue to expand its operations in, the Winston-Salem area.”