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Out-of-state buyers acquire two more Forsyth apartment complexes

Out-of-state buyers acquire two more Forsyth apartment complexes

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The Salem Crossing and Salem South apartment complexes are the latest in Forsyth County to be sold to out-of-state buyers.

Salem Crossing, a 112-unit complex at 1111 Salem Valley Road in the Ardmore section of Winston-Salem, was sold for $4.76 million, according to a county Register of Deeds filing Friday.

Salem South, a 28-unit complex at 2920 Craven Road in Winston-Salem, was sold for $1.19 million.

The buyer of both properties is Salem Housing I LLC, based in Las Vegas.

The seller was Meneses Investment Group LLC for the Salem Crossing property and Tiago and Maria Meneses for the Salem South property. The deals were completed Jan. 7.

Baldwin Properties will manage the combined properties as Salem Crossing Apartments with the onsite office at the Salem Crossing office.

At least 54 existing apartment complexes have sold in Forsyth since 2018 for a combined $558 million, mostly to out-of-state buyers.

The previous most recent was the Edge Flats apartment complex near downtown Winston-Salem.

The gated community at 1600 W. First St. was sold on Jan. 20 for $37.5 million to Edge Flats Holdings LLC, an affiliate of Silvercap Partners, according to a Register of Deeds filing.

The Edge Flats features 170 fully furnished luxury one- and two-bedroom apartments in two buildings on 6.34 acres. The total square footage is 338,216 square feet.

The Edge Flats deal was the third largest in the Forsyth County apartment sector during that time frame.

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.

Also in December 2019, the Arch Cos. affiliates spent a combined $44.06 million on three Winston-Salem apartment complexes it views as viable fixer-uppers, including $15.45 million for the 312-unit Twin City Apartments and $12.67 million for the 228-unit Silas Creek Apartments.

On October, Morgan Properties, based in King of Prussia, Pa., spent $27.13 million to buy The Enclave at North Point property at 4260 Brownsboro Road in Winston-Salem. The Enclave is a 370-unit complex located on 28.15 acres.

Morgan also paid $20.65 million to buy Clemmons Station property at 3405 Cook Place Drive. The complex contains 192 units on 20.54 acres.

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.”

336-727-7376

@rcraverWSJ

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