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Two local apartment complexes sold for second time in three years

Two local apartment complexes sold for second time in three years

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Two Winston-Salem apartment complexes have been purchased by a Charlotte multifamily residential real-estate company, according to Forsyth County Register of Deeds filings Wednesday.

The Cedar View complex was bought for $4.25 million, while the Countryside Gardens complex sold for $2.85 million.

The buyers were affiliates of Eagleview with a listed address of 13000 S. Tryon St., Suite F-163.

The seller was L’Audace Equity LLC of New York.

In both instances, L’Audace made a significant gain off the transactions, having bought Cedar View for $2.28 million in June 2019, and Countryside Gardens for $1.75 million in August 2020.

Cedar View contains 67 units on 6.53 acres off 2367 Bethabara Road in Winston-Salem.

Countryside is on a 2.67-acre site at 2680 Bethabara Road and features 46 apartment units.

Since 2018, there have been transactions involving at least 79 existing apartment complexes in Forsyth for a combined $820.29 million, mostly to out-of-state buyers.

The latest major deal was listed Monday, involving a New Jersey company spending $20.5 million to buy the 300-unit Willow Creek Apartments property at 100 Stagecoach Road.

The largest apartment deal so far in 2021 came when Braehill Gardens LP, an affiliate of Harbor Group International of Norfolk, Va., paid $35.7 million for Braehill Apartments at 200 Braehill Terrace Drive. The 310-unit complex is located near South Peacehaven Road and U.S. 421.

Also this year, Harbor affiliates paid $25.7 million for the 240-unit The Corners at Crystal Lake and $21.1 million for the 220-unit Mill Creek Flats, also in Winston-Salem.

The most expensive sale since early 2018 came in December 2019 when the luxury 229-unit West End Station apartment complex near downtown Winston-Salem sold for $52.5 million to an affiliate of EBSCO Income Properties LLC of Alabama.

Driving the selling and building trends, according to economists, are millennials — those born between 1981 and 1996 who are now between the ages of 23 and 38.

“The sudden interest in speculative apartment development is really a risk-capital response to millennial demographic and psychographic trends in the last decade,” said Tony Plath, retired finance professor at UNC Charlotte.

“The current generation of young adults is simply postponing milestone events, like marriage, buying a house and having kids until well into their 30s.”

The Urban Institute said in a 2018 millennial housing report that the marriage rate among young adults has fallen from 52.3% in 1990 to 38.5% in 2015.

“Even for white households married with children and with substantial household income, the homeownership rate is 2 to 3 percentage points lower than for similar households in the previous two generations, suggesting an attitudinal shift toward homeownership,” the institute reported.

“These trends drive up the sustainable demand for apartment housing, raising rental rates and increasing the returns to owners of rental properties,” Plath said.




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