A Charlotte residential real-estate company has expanded its apartment complex presence in Forsyth County by spending $14.62 million on the Gardens at Country Club of Winston-Salem.
An affiliate of Gingko Residential, Gingko Gardens CC LLC, was the buyer of the 137-unit complex at 160 Dalewood Drive. The seller was Olde Vineyard Townhomes LLC of Roswell, Ga.
The purchase, which closed Friday, is the fourth for Gingko in Forsyth this year.
In April, an affiliate spent $3.72 million to buy the British Square apartment complex, a 6.48-acre campus at 5801 British Square Drive.
In January, affiliates spent a combined $12.72 million on two complexes: Grosvenor Square Apartments, a 145-unit complex at 74 Woodbine St. in Kernersville, was sold for $6.96 million; Shattalon Trace, a 120-unit complex at 5732 Shattalon Drive in Winston-Salem, was sold for $5.76 million.
Gingko has since renamed Grosvenor Square as The Station on Pineview, and Shattalon Trace at The Cove.
Altogether, 12 of Gingko's portfolio of 34 apartment complexes are in the Triad.
It also owns Bradford Place, Glendare Park, Salem Ridge, Savannah Place and The Flat at Salem in Winston-Salem, as well as Pepperstone and Spencer Crossing in Greensboro, Swarthmore Court in High Point and West Pointe in Asheboro.
At least 48 existing apartment complexes have sold in Forsyth since 2018 for a combined $511.42 million, mostly to out-of-state buyers.
The most expensive came in December 2019 when the luxury 229-unit West End Station apartment complex near downtown Winston-Salem was sold for $52.5 million to an affiliate of EBSCO Income Properties LLC of Alabama.
Driving the Triad apartment selling and building trends, according to economists, are millennials — those born between 1981 and 1996.
Mark Vitner, a senior economist for Wells Fargo Securities, said investors “are trying to find what few pockets of value there are left in the apartment market.”
“Prices have been bid up so much in larger markets, such as Charlotte, Raleigh and Nashville, that investors are increasingly looking to markets that have been overlooked and show great potential for growth.
“Winston-Salem and Greensboro are at the top of the list of overlooked markets.”