142-Unit Affordable Housing property sold in Winston-Salem, North CarolinaKyle Shoemaker
We are pleased to announce the sale of Kensington Village Apartments, a 142-unit multifamily apartment property in Winston-Salem, North Carolina. The well-maintained, stabilized property was originally built in the 1970’s and completely renovated in 2009. The prior renovation was financed by various sources including a HUD Grant. The HUD Grant was accompanied by multiple affordable housing deed restrictions including limits on tenant income and rent maximums.
The brokers deployed a targeted marketing effort to identify and engage specific buyers with both relevant affordable housing experience and an existing geographic presence. Through its direct marketing efforts, the brokers were able to quietly identify a highly qualified buyer to acquire this unique property and seamlessly integrate into it’s existing North Carolina portfolio. Additionally, the transaction included approvals from HUD for the deed restrictions and lenders for assumption of the existing debt.
Both, JDS Real Estate Services, Inc. and Affordable Housing Brokerage, Inc. represented the seller in the transaction.
Transaction in the news:
Affordable Housing Finance: Community Housing Partners Acquires N.C. Property
Triad Business Journal: Affordable apartments in Triad city sell for $6.4 million