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Carolina Woods apartment complex sells for $11.5 million

Posted by admin on January 29, 2019
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The Carolina Woods apartment community near Bethabara Park has been sold for $11.5 million to a New Jersey real-estate investment group, according to a Forsyth County Register of Deeds filing Friday.

The buyers are Carolina CS LLC, which owns 84.5 percent, and Carolina CS2 LLC, which owns 15.5 percent. The groups are affiliated with Weiss Investment Group of East Rutherford, N.J.

The sellers were Cedar Grove NC VI LLC and NC South Shore Ventures LLC, both of Woodmere, N.Y. The sale was completed Dec. 14.

The complex, built in 1972, is at 1520 Woods Road in Winston-Salem and includes 10.75 acres. It features 209 units in six buildings offering one- to three-bedroom options in the $599 to $950 a month range.

Carolina Woods represents the latest in a series of apartment complex transactions in Forsyth County.

The apartment transactions over the past six months have included: 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.

In addition, the former L.A. Reynolds Garden Showcase property was sold for $2 million with developers Mayfair Street Partners planning to create 229 apartments.

“Investors are trying to find what few pockets of value there are left in the apartment market,” Wells Fargo Securities senior economist Mark Vitner said Friday.

“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.

“That said, the underlying fundamentals are also improving in the Triad,” Vitner said.

 

Article from Winston- Salem Journal