WINSTON-SALEM, NC—Capstone Apartment Partners has arranged the $15.4 million sale of a two-property, 229-unit portfolio located in Winston-Salem, NC. The off-market transaction presented a rare acquisition opportunity to improve on the longtime owner’s solid foundation while modernizing and refreshing both properties.
The buyer was Lake Hill Investment Group of Greenwich, Connecticut. They plan to embark on a value-add capital improvement plan to upgrade the exteriors, interiors, and community amenities to enhance the assets. Lake Hill Investment Group has focused on expanding their footprint into the Carolinas and this purchase marks their first acquisition in the Triad market.
The Capstone Apartment Partners transaction team was led by Brian Ford, Alex McDermott, and Ron Corrao.
“These assets represent excellent communities in irreplaceable locations central to employment, retail, and lifestyle amenities. Lake Hill Investment Group acquired two properties with significant upside and will undoubtedly create value for both tenants and the larger community,” said Ford, Managing Partner at Capstone.
The portfolio is comprised of two Winston-Salem multi-family communities: Regency Apartments and Johnsborough Court. The properties were occupied at approximately 95% at the time of closing.