Forsyth County multifamily residential developer Chris Parr is moving forward with a planned 360-unit development in Clemmons near West Forsyth High School.
The Lake at Belmont LLC, an affiliate of Parr Investments Inc., paid $3.15 million for the 37.4-acre site at 1930 Lewisville-Clemmons Road.
The property is known as the former horse farm Belmont Estate with a manmade lake next to a residence.
According to a Forsyth Register of deeds filing Tuesday, the sale was completed Jan. 12. The seller was Hendrix Commercial and Industrial Enterprises Inc., which is owned by Gordon Hendrix.
The Clemmons Village Council approved on Dec. 14 Parr's request to rezone the property from residential to multifamily. Parr agreed to a voluntary annexation into the village and to add a sidewalk off the road.
Parr could not be immediately reached for comment about his next steps for the development.
He told The Clemmons Courier that he planned to develop the site in two phases, beginning this summer, and that the western portion of the property would remain wetlands and undeveloped.
The plan Parr submitted to the council and City-County Planning Board calls for 140 one-bedroom, 184 two-bedroom and 36 three-bedroom units.
Parr agreed that instead of having porches facing Lewisville-Clemmons Road on the second and third floors, he would build sunrooms instead.
The Lake at Belmont will be Parr's second major multifamily development near Lewisville-Clemmons Road. Parr also operates Parr Construction Inc. to develop his properties.
Parr's Clemmons Town Center Apartments debuted in 2015, a $22.5-million, 312-unit complex near Interstate 40.
That complex is within walking distance of the Jerry Long YMCA, a Publix grocery store, several fast-food and sit-down restaurants, and a Planet Fitness.
That development played a key role in jump-starting the recent apartment construction wave in Forsyth, as well as helping spur the fleshing out of the adjacent Clemmons Town Center retail campus.
Altogether, Parr has 10 multifamily residential developments and 2,499 apartment units in his portfolio, along with The Grand at Union Cross, a 272-unit complex that is in the development stage in southeastern Forsyth County.
Real-estate officials have said that millennials are delaying home buying by choice because of significant, if not crushing, student-loan debt.
“Increasing education debt has reduced millennials’ likelihood of owning a home, as debt increases their debt-to-income ratios and lowers their remaining income to save for a down payment,” according to a 2018 report by The Urban Institute.
The institute also found that "millennials prefer living in high-cost cities, where housing supply is inelastic."
“Within a city, millennials prefer living in counties with a more urban environment, where the house prices have increased more than in the surrounding areas.
“The shift in geographic preference is mostly observed among highly educated millennials.”
Parr said in 2015 that “I feel millennials are going to be renters for quite a while,” along with “a tremendous amount of seniors who have migrated to become renters instead of homeowners.”
“That will continue into the foreseeable future.”