Northwood Apartments offers buyers a highly performing, mid-80’s vintage, turn-key asset nestled between the Winston-Salem and Statesville MSAs. Northwood Apartments presents a compelling opportunity to acquire an ideally positioned asset with significant recent capital improvements. The property delivers excellent return metrics in a high growth corridor with an emerging job story.
Northwood Apartments has received roughly $200k+ of significant capital improvements in the past 36 months. The asset offers tenants the premier rental option in the submarket for value-minded tenants given its proximity to Winston-Salem and Statesville, access to Mocksville’s burgeoning community-oriented downtown, and lack of true market rate rental competitors. Northwood has undergone interior renovations in 73 of its 84 units in the past 18 months, resulting in increased rents and a higher quality tenant base. Northwood is currently 94.0% occupied, trending towards 95-97% physical occupancy by late September 2015, and still possesses significant upside potential through continued market rent increases, loss to lease reductions at renewals, the opportunity to finish the interior upgrade program for remaining units, and the prospect for units to be sub-metered for water/sewer by future ownership.
Mocksville is home to a burgeoning group of employers, anchored by the manufacturing facility of Ingersoll Rand, with a workforce of more than 440 full time associates. Clemmons, NC is also a short 20 minute commute, and boasts additional employment concentrated in the healthcare industry with the presence of several recently constructed hospitals. These factors, coupled with Northwood Apartments location within a 25 minute commute of 27,000+ jobs based in the thriving Winston-Salem downtown (including Wake Forest Baptist Medical Center, BB&T, Novant Health, and Wake Forest), makes the investment rationale behind Northwood Apartment undeniable.